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.
More in Loans & Mortgages
Earning Even While Retiring: How to Have a Steady Retirement Income
So how do you ensure that your nest egg lasts for the rest of your life? All of us don’t want...February 2, 2021
Four Signs That Your Marketing Campaign is Ineffective for Your Business
Even though you’re doing marketing campaigns, there’s still a possibility that one of the methods you’ve applied may be ineffective. Not...February 1, 2021
Betty White Turned 98: Here Are Some Intriguing Facts About Her That You Probably Didn’t Know
Betty White spent more than eight decades in a career that has made her a popular TV icon. Apart from being...January 29, 2021
Four Tips on How to Ensure the Survival of Your Business During Slow Season
Are you into a retail outlet business that tends to bloom around the holidays, but it tends to suffer, because of...January 27, 2021
Things You Are Going To Spend Less On In Your Retirement
Money is an essential thing in retirement, and running out of cash during this period can lead to a lot of...January 21, 2021
Simple Interest Loan: What Is It and What Are Its Benefits?
When it comes to mastering personal finance, simple understanding interest is the key. This is a fundamental concept that we came...January 19, 2021
Here’s All You Need to Know About Balloon Mortgage
A balloon mortgage is a short-term home loan that is similar to a traditional fixed mortgage. However, unlike a fixed mortgage,...January 18, 2021
Here’s How Selena Gomez Lives Life Queen Size!
The uber-talented Selena Marie Gomez is a famous American singer, producer, and actress. The Lose You to Love Me singer has...January 15, 2021
Here’s Why You Should Open A New Bank Account Amid The Covid-19 Pandemic
Coronavirus has taken a toll on humanity and has turned life upside down. With the virus spreading across the world at...January 12, 2021