Want to be Mortgage-Free by 41? You may Learn a Thing or Two from these People Who are Living the Dream
For many people who dream of owning a home, taking out a mortgage is a necessity. Saving money for a down payment for a house is a challenge enough and paying for a home entirely in cash is something only a few can afford.
Still, making mortgage payments well into your 50s isn’t really something that many aspire to. If you’re looking for ways to be mortgage-free sooner, take inspiration from what those who paid their mortgage earlier than expected did.
Back in 2019, users on the London-based internet forum, Mumsnet, shared their experiences in their quest to be mortgage-free. One user, Hecketyheck started the discussion by asking their fellow borrowers what differences in life they noticed after paying off their mortgage.
The user shared how she and her husband paid off their housing loan thanks to his money-management skills and her lack of spending. Still, she laments how she doesn’t feel delighted by the achievement as she doesn’t think it resulted in a significant difference in their finances.
She then shared how the money they once earmarked for the monthly mortgage repayment has been refocused on a pension or something ‘equally tedious’.
Meanwhile, a user, CakeNinja, responded to the discussion and talked about how they are currently on track to pay their mortgage by 41.
The user revealed that they are currently overpaying on their monthly mortgage payments.
They explained that they are currently overpaying on their mortgage, and hope to pay off the mortgage by the age of 41. The user also shared that they would be better off by about $2,300 (£1,800) each month if they achieve their goal.
They then said that overpaying is not really a financial burden for them and that they now only have seven years to go before they can be mortgage-free by the time they’re 41 years old.
Allocating Extra Resources
The same user also shared that they’re probably going to use their additional $2,300 a month to invest when they no longer have a mortgage to pay.
While this wouldn’t make much of a difference in their current day-to-day life, they expect that the accumulation of their investments would be useful for their pension fund or house deposits for their children.
Meanwhile, a user called Adversecamber22 chimed in the conversation to share that they decided to go on a month-long vacation after they’ve finally paid off their mortgage. After that, though, their money went to savings and investments.
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