I payed my mortgage off in 17 yrs. it was a 30 yrs mortgage, 5 yrs into the loan, I refinanced it for 15 yrs, then paid it off on the 12th year. That’s why it took me 17 years. I retired at 50 yrs of age with no mortgage and debt free. It’s awesome feeling. My home is now 27 yrs old.
We paid our house off and it was so scary making that last huge payment. It also was such a huge weight lifted off of us. Then covid happened and I thought oh no what will we do if I have to shut down and loose all my income. But it was a blessing to not have that huge payment. I don't regret it one bit. Best decision we ever made.
Kate, your perseverance is paying off. Congratulations! 🎉 I paid of my mortgage early in Oct 2021. I had been so gazelle intense on paying it off in preparation for retirement and knowing this would be my retirement home. It was so worth the sacrifices I made! I encourage everyone who can, even if just a small amount, to pay extra on your mortgage. Being totally debt free, no mortgage, car, credit cards, is so freeing. I feel incredibly blessed that I was able to do this! Wishing everyone the best!♥
I have also paid off my mortgage closely before retirement. No other debt either. The feeling of not being that slave to debt is SOOO worth it. It feels so good that you never want to get into debt ever again. After all when you decide to “fully retire” you deserve to feel that Peace of Mind that comes from not paying that huge monthly bill again.
It sounds like things are moving along smoothly for you to reach your goal of paying off your house. I think all the people that have done this are very smart. It was our goal when we bought our house to have it paid off by now. However when my husband got really sick and could no longer work our house is what saved us. We were able to take small loans of equity fortunately at good interest rates at the time but that set us back. My husband has since passed away and I am still living in our home. I still consider it a huge blessing because my interest rate is 2.75 and my payment with taxes and insurance is $900 a month. Having the income I have that is doable. I could not even rent a one-bedroom apartment I don't think pretty much anywhere for that these days. It also helps that I have a family member staying with me temporarily and they are paying the mortgage. Everyone's situation is unique but I am very happy for you Kate! You have worked hard and you deserve it.💐
So excited for you! I never regret paying off my mortgage early! Life happens though and my neighborhood began to deteriorate after 28 years, so I recently moved to a better area where real estate is more costly. Putting 100% of proceeds from my house sale towards the new house, I intend to have it paid off in one year and four months, Lord willing. Frugality really improves our lives and I would never want to go back to careless, reckless spending that I did for about 20 years. If only I had changed my ways sooner but better late than never.
Hi, I paid off my mortgage in 25 years. I raised my two girls by myself so I was tight most times . I decided that even if I ate tuna fish everyday I would pay it off and I started and continued paying an additional $1,500 monthly two years ago. I am currently 64 years old this month and I plan to retire at 65 next year. I live in a New York City borough and I am tired of the commute and the ugliness in New York City. So I will be super happy when I am fully retired and do not have to travel into the city. I will be saving the commuting money and sometimes lunch money because sometimes I do spend. I pay less than $2000 every quarter for taxes and also insurance in September one full payment for the year. Yes the freedom of not having the mortgage allows for other things like new windows. I wish I had the knowledge earlier in my life of paying it off but I had it in my mind. Good luck it will be worth it.
Hello fellow NYer. I am 65, and retired 2 years ago. You are right about that commute everyday, after 42 years of working I was so over it. Btw SS and my retirement account, I net approximately the same amount each month. I find that eating at home more so grocery bills went up, but no lunches out and commuting costs ($230+ monthly) saved so much money. It’s going to be fine.
Congratulations on cutting your mortgage time in half. If you continue on this path, you'll be slashing the 11 years left in half. How exciting! I dont have a mortgage anymore, and it feels GREAT. I cant believ ive been watching you for more than 4 years. Wow! Congrats again :)
Incredible! 🎉🎉🎉 I love hearing your updates and progress. After my divorce I did a couple of really important things - I got a few part time jobs to supplement my teaching income so I could stay in my house for me and my kids. Then I fixed my credit (took 4 years!!!) and refinanced as soon as I could. Did a 15 year term and now I love watching the number go down. This has set me up for retirement at the right time. Now I have to kill my consumer debt which I have taken in hand this summer by upping my margin significantly taking a job (with a hefty commute) in the subject I love in a new unfamiliar place. Scary but exciting. No time for baby steps - sometimes a giant leap is needed.
@@nf325 I teach piano lessons at our community arts center, and I took on 3 extra-curricular positions at school. It ended up being too much since one of those turned into a passion and fills way too many hours every week throughout the entire school year. 😂 Now though with my move to a new district, I had to cut the other two extra-curriculars and piano so that I can keep the 3rd (drama club vocals) position which I now couldn’t live without. Good luck with your journey. :)
You are soooo on your way Kate! There is no greater feeling than having your house paid off! I was able to do it in 13.5 yrs. I got a part-time job as my side hustle (6 yrs) and was able to put every check towards principal. While all my friends were buying the latest cars, clothes & dining out, I felt driven more than ever to not have any debt. I never saw it as a sacrifice, and now 19 yrs later, I was able to retire early (still blows my mind)! Priorities are so important if you have a goal in mind.
I'm so happy for you! I'm now retired, but I paid off my mortgage in 12 years due to finding "Voluntary Simplicity" back in the '90's. I watch you doing many of the things I did and I'm so glad to see you making strides to live an authentic life on your terms. Keep up the great work!
Oh my goodness Kate way to go! You girl are an inspiration to all of us. You know we paid our home in 10 years by upping our payment and putting anything extra like tax returns, Christmas money and bonuses. My husband passed in 2019 and because we had no mortgage I was able to stay in our home. Congratulations Kate! Say hi to Kaden and kitties ❤️❤️❤️❤️
Toni, I'm so glad you were able to focus and put that money towards the house early! I know I've said it before, but I'm so sorry about your husband's passing. I can't believe it's been 5 years now. Thank you so much for all your support. The kitties and Kaden say hi:):)
There is nothing better than knowing you own the roof over your head. At one stage I was a single parent so house security was so important. We could always live on beans and rice if the funds are low but you can’t take rice and beans to the bank to pay your rent or mortgage. The day I knew I totally own my property a weight was lifted off my head.
Brava, Kate! Keep up the frugal work! My husband and I became completely debt free in 2001, praise the Lord, and it was the best money maneuver we ever did. It allowed us to live on 1 income and I have stayed home to home-educate our 9 children. Combining frugality with being debt free is what made all that possible. My husband and I have basically split our roles into: he earns the money and I spend/save it wisely. We’ve made a good team and the Lord has been faithful to bless our efforts to “owe no man anything”, like it says in the Bible.
We were mortgage free and then bought our dream house, and renting out our first to pay this one off quickly. 🙏🏼 Good luck! You’re crushing it!! It’s going to teach your son so much in his future too. ❤
We paid off our mortgage 7 years early!!!!it is an indescribable feeling. When you actually own your home - it is a huge weight off your shoulders. Yes of course there are taxes and upkeep , repairs etc but it’s totally All YOURS !!!😊😊🎉🎉🎉
The peace of mid that comes with a paid for home will make it all worth it. We purchased our home in 2003, and paid it off in 2011. We now lived debt free at the ages of 34 and 36. In 2017 my husband was kill in a car accident.
Paid off mortgage in 2020 best feeling in the world did borrow from my savings but it was a small amout less then 30.000 and it's all ok to have the freedom and just keep saving!😊
Thank you, Kate, and congrats on all your progress thus far! You inspired me a while ago to contribute an extra $250 a month to my mortgage payments which will shave off 10 years of my loan if I don't do anything else. But you've inspired me once more to contribute more and see if I can get closer to 15 ❤❤❤
Congrats to you! How exciting!! I have been doing a little happy dance, as my debt is under $50K. I know, I know, it is still a LOT and I am working on it, but when I started out, it was about $56K (about three years ago). I love the support from the KSquad!!
That’s amazing being on track to be mortgage free. I paid my mortgage off about 5 years ago and it’s such a great feeling. It’s given me so much flexibility in my life I now only work part time and am on track to retire early!
I'm so happy that I don't have a house which i couldn't afford. My rent is only 62 bucks a month. So happy that Jah has blessed me to have such a warm and inviting place that I live in....😅😅😅😊😊😊
Kate OMG!!!! That is amazing!!! You’ve payed off 19 years in 4 🤯.. You will pay that mortgage off in record time!!! I am sooo impressed and proud of you!!! I am still getting prepared to buy my first home, hoping the interest rates go down 😩 but when I do, I will take this approach to pay it off ASAP!! WOW 👏🏽👏🏽👏🏽
I paid off my house in 2021 (bought 2005) and don't regret it for a moment. I would pay more on the loan each month and when I got a bonus, went to the mortgage. When I worked an extra shift, went to the mortgage. When I had a tax return, a good portion went to the mortgage. It was a 30 year mortgage and I originally had no interest in paying it off quickly, but started following Dave Ramsey (I know he is controversial to some but helped to start me on the path of getting my finances in order) and started following the baby steps. Paid off my student loans in 2017 and that payment went towards the mortgage. It was honestly very weird not having a house payment so took some getting used to but so worth it. I'm a weird one...no mortgage, no student loan, and no car payment (haven't had one of those since 1998 and I save up and pay in cash). I like that my money goes towards what I want, helping causes I'm passionate about, and saving. Definitely my best decision financially 🙂.
we were so fortunate to refinance our house when interest rates were so incredibly low. I feel like my low interest rate is a veritable treasure these days! once I pay off the HELOC loan I have I am going to throw every extra dollar at our mortgage. I have a very simple and realizable dream for once that's done (hopefully by age 60!): to be able to just work part time and foster dogs. 🐕😄
I love to hear your progress Kate. Congratulations on keeping those goals moving forward. I’m doing the same myself ….. paying down the mortgage bit by bit and hoping to get it done by retirement in a few years. Love your content ❤
We paid off our 15 year mortgage in 10. The early payoff rules are written into your loan so make sure your loan doesn’t penalize you before signing on the dotted line!
Great job on your mortgage payoff progress! You mentioned a four category budget. Can you explain the categories or link a video where you go over this?
Paid off my mortgage early - it was a completely underwhelming experience initially. I paid a huge lump sum off with an inheritance from my Grandmother 😊. The reality sunk in the following month when my hefty mortgage payment money was still sitting in my bank account. It has given me so much financial freedom and I am on track to retire 12 years early as a result xx
Hubby and I put our first home on 15 years and paid it off in 10. We never had any other debt despite moving to larger houses through the years - paid cash for those. We maxed 401ks and other investment options, lived below our means, and retired at 52. Freedom and options are what our money strategy bought us. Keep going Kate - you're probably the odd man out among your acquaintances but they'll envy you in the long run!
It is so worth it! A paid off mortgage is so freeing. Knowing you will always have a roof over your head. It has been a great investment. We have lived in several homes and either pay cash or take a 15 year and pay it off in 7 or 10 years. We have lived in high cost of living areas sold our paid off home. Moved to a lower cost of living area and paid cash on our next home. Put the lack of mortgage payment into upgrades and with the area home values increasing sold that home. With alot of money in our pocket and another out of state transfer we were able to pay cash for a 3 bd, 2 1/2 bath on 2 acres. We retired early, here. The value of our home has more then doubled. Now we are looking into about 8-10 acres to purchase with our daughter. They will sell their home (huge amount of equity) we will combine our profits build a modest 3 bedroom for them with a small cottage for us. No mortgages. They are working parents and we love yard work😅
That’s great Kate! We started out with a 15 year mortgage and we have been doing the same thing as you. Any extra we get we put on the principal. If we can stay on plan our home will be paid off in 1 year! Keep up the great work and thank you for sharing financial information as you have helped with a lot of ideas of how to save. 😊
Loved seeing this update 😊 been rewatching your vids a lot lately to refocus myself, i still remember watching you on that live stream first time in your home and beinf so inspired, you're a true role model 🌼😊
I can't wait. At the end of this month a 2 year fixed account term ends and I'm putting the whole of it down as a lump sum! This will be the second one we have done, the rate is so low right now and we have one more year before we renew. Next year we plan to up our monthly payments to take advantage of that last year, then we'll just have to see what happens at renewal time. I'm keen to fully own our home ASAP, I know it's a heart over head thing really and mathematically investing is a better return, but I want the feeling of owning outright. Plus you know all that interest, belongs in my pocket, right!?
You’re doing awesome paying off your mortgage early! It’s so motivating watching the balance go down! I paid my 30 year mortgage off in 10 years. Eliminating that monthly payment is priceless! I love it so much. I put half of what I used to pay each month into savings each month. Just for the heck of it. Mostly use that money for travel.
We had a 2.87% rate on a 15 yr and paid it off in 8 yrs. Best thing we ever did and now dumping that payment into stock market and HYSA. Debt free and can ride any storm because no one can take our house away. Prop 13 keeps our property taxes stable and low. Keep at it Kate, the finish line is in view ❤
I'm so proud of wonderful, sensible Kate! You are doing amazingly well! I overpaid my mortgage whenever I could, and saved 7 years of interest. Like you, I was doing this on a single salary, and I live in one of the more expensive areas of the UK now. My savings have gone up well since the mortgage was paid off.
Congratulations on your efforts. Years ago with one house I got an Amortization schedule from the bank where our mortgage was. I think I had to pay $10 to $25 for it, but worth it. Monthly for years I paid extra. Then I would estimate what my mortgage balance was + penciled onto the schedule. Very satisfying to know I was saving in the long run. If you can just pay $10 or $25 extra monthly, do it. As times goes on, you will be able to add to it.
You do have to think of what the house would be worth at the end of 30 years when it comes to total cost, but i agree wholeheartedly about paying it off early because of this! I bought my house(a three bedroom 1 bath house 1100 sq feet for $80,000! ) in a small rural town.
You are so wise Kate. I want this so much. This is the one money decision hubs and I can't get on the same page about. You've given me a new way to present it to him. You're awesome!
Hi Kate, in Australia house prices are horrendous as loan interest rates are. Food prices are also much more expensive. Congratulations to you all in the USA for having a fairer price margin, Congratulations Kate
My house is paid off. I’m 68 and have been a widow for 5 1/2 years. I couldn’t live in my house if had a mortgage or I would still be working instead of being retired. I’m frugal and can afford to travel some because I have no mortgage payment.
You are a Rockstar Kate! Well done! I'm much older (58) and am doing the same as you! The freedom of being debt free was incredible and life changing! Being able to use that extra money to pay down my mortgage is also life changing!
I pay cash for my apartment ( it was 1997, a buyer’s market), and prior to purchasing I already was investing for retirement. It is important to do both simultaneously, time in your account invested in index funds will reap a secure retirement. Roth is your friend. 👍
Love the update and encouragement! We have about 12 years left on our 15-year mortgage. We are able to pay an extra 1/12 mortgage payment each month, plus a couple extra payments at the end of the year.
Kate, having our house paid off has been liberating to say the least. I can now pick and choose where I work and take care of my mental health. My family gets the best version of me now and not my job. Congrats and keep up the great work.
Love this! I'm currently working on paying off my student loan and can't wait to then take that money to pay off my mortgage early! If everything goes according to plan, they will both be paid off in 10 years!
So happy for you Kate you are doing a great job. Not quite where I want to be nearing retirement. Your channel has helped me a lot though. I have used some of your tips.
I downsized a couple of years ago moving from a house into a condo apartment, which was a good choice for me all round. I'm currently paying off consumer debt and should be done with that in about a year. Then I'll start putting half of that money on my mortgage and the other half in extra investments. I'm looking forward to having no customer debt, the mortgage paid off early, and investments for retirement.
I paid off my 2.85% mortgage this year so that when I turn 50 next year I can take those funds and fully fund my retirement accounts plus catch-up contributions. I still have a $600 per month home payment (to fund school & property taxes & homeowners insurance), but I remind myself I would never be able to rent (even a studio) for that amount, so it was absolutely worth it! Good luck, stay persistent & disciplined and you will save so much!
We are on track to pay off our mortgage next year…assuming no other “surprise” repairs need to be done. Getting ready to have out septic system replaced, thankfully have a well funded home repair fund but it will about tap it out so will get it back up and then onto the mortgage pay off.
You’re such an inspiration! Thank you for breaking down why we should bother to pay off our mortgage early. It’s given me way more motivation now after seeing those numbers!
we paid off our mortgage in 17 years. My husband is a journeyman carpenter. and is frequently out of work between jobs. When there was extra money, I threw it at the mortgage. In 2016, we were able to refinance from 7 and three fourth percent interest to 3 and a half, 15 yr instead of 30yr mortgage. Not having to worry about mortgage payments is priceless. It's totally worth all the sacrifice.
Congratulations, Kate! What you have accomplished is huge! As soon as I complete BS #3, I'll be on BS # 4,5,6, which is paying off the mortgage early! Your video is extremely encouraging!!!
Congratulations! You are doing well and still having a fun enjoyable life for you are your son :) I can’t wait to pay off my mortgage too … someday .. at least we get to claim the interest on your taxes I think 🤔 have a great day
Thanks for continuing to inspire us. I pay extra principal each month when I write a check for my mortgage. Writing it down on an old fashioned check is powerful.
I paid my condo off in 12 years. I cannot tell you how that has blessed me. I am single also, so it was hard but worth it. I had a low-ish income but learned to be frugal. Honestly, I gave up most vacations, new cars, etc. 14 years later and retired that sacrifice really paid off. Also, I had parents and aunties and siblings that sometimes helped me along the way. I am indebted to them.
I will say this, as you near the last dollars of your mortgage save up your property tax and home owners premium money. They decide when youve paid the loan off and when they are going to refund any left over escrow. On the lastnlay,last pay, made,mi decided we were tight and I was only going to pay the minimum which I did,. Two weeks later I found out that they combined my escrow amount to pay off the remaining mortgage amount and I was a happy home owner with extra money being returned but still being calculated. A day later, I realized that I owed, myself,, the second half property taxes at the end of the month in something like 10 days and I wouldn't be getting any escrow money back in time to pay for them. The next month, I had homeowners insurance renewal; and yes no escrow return for that either.
Wow Kate! You are smashing that home loan!I have been following your journey from the very beginning. I have been..whats the term?Gazelle intense in paying my home loan as well.I know from first hand experience that it is not easy to make those extra lump sum payments, it takes focus and dedication, not mention hard work!!I have ten months left..i have a countdown poster up in my bedroom and I love to tick off the months as they get less.We've got this! Much love Illze.
Huge congratulations Kate 🎉 This is phenomenal progress going from 30 to 11 in 4 years. You are proof that living below your means is worth it. Also going from age 71 to age 56 is brilliant for your peace of mind. 😊 I did some calculations as I like specifics 😂 In 2 years you paid off 5 years 360 to 300 60 (24 minimum 36 additional) In 2 years you paid off 14 years 300 to 132 168 (24 minimum 144 additional) So in 4 years you paid off 19 years 360 to 132 228 (48 minimum 180 additional) Leaving 11 years 132 payments
SANDRA!!!!! You have been one of my biggest supporters in my mortgage payoff and I cannot tell you how much I appreciate you. Thanks for doing these calculations too! You help keep me motivated and focused! You're the best!
I’m having to start all over again at the age of 53 thanks to divorce. I’m shortly moving into a new house but my monthly mortgage payment will be half my monthly salary (I’m in a really expensive area in the UK) and I’ll be paying off my mortgage until im 75 😩. That alone gives me a massive incentive to try and pay off early 🙈
Reading the comments and getting inspired. We refinanced a few years back and our interest is below 3%. My retirement goal is to travel the world. Our cars are paid off and we’re currently chipping away at the bit of debt we have (under 4k). The goal after that is the house. I hate debt and the stress that comes with it. Fingers crossed with a good plan we will be able to do it in less than the 17 years we still have left.
Are you still paying PMI on your mortgage? Great job getting it down to 11 year’s left, that will be just in time for Kaden to go to college if that’s the plan.😊
28 years left. Starting to pay more money this month. If goes well, will be done in 2036. So total years is 14. Just put a new roof in cash this summer.
Congrats! 🎉 That’s exciting! Keep up the momentum! We’ve paid off 13+ years of our 30 yr mortgage in 2 1/2 years… we’re hoping to be close to the end at the time of our first renewal..
Our mortgage was just paid off in August. 16 years! The feeling is indescribable. It’s such an emotion to be totally debt free. I wish it for everyone. Good luck to all ☮️
Congratulations on paying your mortgage! We paid off our mortgage 10 years ago which allowed us to help our 2 kids get through college with no debt and continue to save for retirement. Husband got to retire at 61, me at 58 by just staying on same budget we used to pay off house and maxing retirement accounts. Budgeting is empowering!
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I payed my mortgage off in 17 yrs.
it was a 30 yrs mortgage, 5 yrs into the loan, I refinanced it for 15 yrs, then paid it off on the 12th year. That’s why it took me 17 years. I retired at 50 yrs of age with no mortgage and debt free. It’s awesome feeling. My home is now 27 yrs old.
We paid our house off and it was so scary making that last huge payment. It also was such a huge weight lifted off of us. Then covid happened and I thought oh no what will we do if I have to shut down and loose all my income. But it was a blessing to not have that huge payment. I don't regret it one bit. Best decision we ever made.
Kate, your perseverance is paying off. Congratulations! 🎉 I paid of my mortgage early in Oct 2021. I had been so gazelle intense on paying it off in preparation for retirement and knowing this would be my retirement home. It was so worth the sacrifices I made! I encourage everyone who can, even if just a small amount, to pay extra on your mortgage. Being totally debt free, no mortgage, car, credit cards, is so freeing. I feel incredibly blessed that I was able to do this! Wishing everyone the best!♥
Congratulations, that's amazing!🎉
I have also paid off my mortgage closely before retirement. No other debt either. The feeling of not being that slave to debt is SOOO worth it. It feels so good that you never want to get into debt ever again. After all when you decide to “fully retire” you deserve to feel that Peace of Mind that comes from not paying that huge monthly bill again.
@@daniellem5175 congratulations 🎈🍾🎊 it’s so freeing to be mortgage free
It sounds like things are moving along smoothly for you to reach your goal of paying off your house. I think all the people that have done this are very smart. It was our goal when we bought our house to have it paid off by now. However when my husband got really sick and could no longer work our house is what saved us. We were able to take small loans of equity fortunately at good interest rates at the time but that set us back. My husband has since passed away and I am still living in our home. I still consider it a huge blessing because my interest rate is 2.75 and my payment with taxes and insurance is $900 a month. Having the income I have that is doable. I could not even rent a one-bedroom apartment I don't think pretty much anywhere for that these days. It also helps that I have a family member staying with me temporarily and they are paying the mortgage. Everyone's situation is unique but I am very happy for you Kate! You have worked hard and you deserve it.💐
I paid off my house in 2021 and am investing that money! It’s soooooo comforting to know that I don’t owe anyone anything.
YASS! So amazing!
Wow, congratulations 🎉🎉
So excited for you! I never regret paying off my mortgage early! Life happens though and my neighborhood began to deteriorate after 28 years, so I recently moved to a better area where real estate is more costly. Putting 100% of proceeds from my house sale towards the new house, I intend to have it paid off in one year and four months, Lord willing. Frugality really improves our lives and I would never want to go back to careless, reckless spending that I did for about 20 years. If only I had changed my ways sooner but better late than never.
Hi, I paid off my mortgage in 25 years. I raised my two girls by myself so I was tight most times . I decided that even if I ate tuna fish everyday I would pay it off and I started and continued paying an additional $1,500 monthly two years ago. I am currently 64 years old this month and I plan to retire at 65 next year. I live in a New York City borough and I am tired of the commute and the ugliness in New York City. So I will be super happy when I am fully retired and do not have to travel into the city. I will be saving the commuting money and sometimes lunch money because sometimes I do spend. I pay less than $2000 every quarter for taxes and also insurance in September one full payment for the year. Yes the freedom of not having the mortgage allows for other things like new windows. I wish I had the knowledge earlier in my life of paying it off but I had it in my mind. Good luck it will be worth it.
Hello fellow NYer. I am 65, and retired 2 years ago. You are right about that commute everyday, after 42 years of working I was so over it.
Btw SS and my retirement account, I net approximately the same amount each month. I find that eating at home more so grocery bills went up, but no lunches out and commuting costs ($230+ monthly) saved so much money. It’s going to be fine.
Yes it is worth paying a mortgage off early. Such a satisfying feeling. Thank you for all the tips you give us.
I'm so happy for you Kate. Just remember when you were moving to your house. Greetings from London.
Congratulations on cutting your mortgage time in half. If you continue on this path, you'll be slashing the 11 years left in half. How exciting!
I dont have a mortgage anymore, and it feels GREAT.
I cant believ ive been watching you for more than 4 years. Wow!
Congrats again :)
Incredible! 🎉🎉🎉
I love hearing your updates and progress.
After my divorce
I did a couple of really important things - I got a few part time jobs to supplement my teaching income so I could stay in my house for me and my kids. Then I fixed my credit (took 4 years!!!) and refinanced as soon as I could. Did a 15 year term and now I love watching the number go down.
This has set me up for retirement at the right time.
Now I have to kill my consumer debt which I have taken in hand this summer by upping my margin significantly taking a job (with a hefty commute) in the subject I love in a new unfamiliar place. Scary but exciting. No time for baby steps - sometimes a giant leap is needed.
I'm a teacher and curious what were your side jobs?
@@nf325 I teach piano lessons at our community arts center, and I took on 3 extra-curricular positions at school. It ended up being too much since one of those turned into a passion and fills way too many hours every week throughout the entire school year. 😂 Now though with my move to a new district, I had to cut the other two extra-curriculars and piano so that I can keep the 3rd (drama club vocals) position which I now couldn’t live without.
Good luck with your journey. :)
You are soooo on your way Kate! There is no greater feeling than having your house paid off! I was able to do it in 13.5 yrs. I got a part-time job as my side hustle (6 yrs) and was able to put every check towards principal. While all my friends were buying the latest cars, clothes & dining out, I felt driven more than ever to not have any debt. I never saw it as a sacrifice, and now 19 yrs later, I was able to retire early (still blows my mind)! Priorities are so important if you have a goal in mind.
YOU ROCK!!!! This is awesome!
you sound like me. i am a avid cruiser but other than that, shoes, purses, iphones are a no go. i take advantage of hotel/airpline points
I'm so happy for you! I'm now retired, but I paid off my mortgage in 12 years due to finding "Voluntary Simplicity" back in the '90's. I watch you doing many of the things I did and I'm so glad to see you making strides to live an authentic life on your terms. Keep up the great work!
Oh my goodness Kate way to go! You girl are an inspiration to all of us. You know we paid our home in 10 years by upping our payment and putting anything extra like tax returns, Christmas money and bonuses. My husband passed in 2019 and because we had no mortgage I was able to stay in our home. Congratulations Kate! Say hi to Kaden and kitties ❤️❤️❤️❤️
Toni, I'm so glad you were able to focus and put that money towards the house early! I know I've said it before, but I'm so sorry about your husband's passing. I can't believe it's been 5 years now. Thank you so much for all your support. The kitties and Kaden say hi:):)
@@KateKaden ❤️
11 years left! That is awesome! You are on fire
There is nothing better than knowing you own the roof over your head. At one stage I was a single parent so house security was so important. We could always live on beans and rice if the funds are low but you can’t take rice and beans to the bank to pay your rent or mortgage. The day I knew I totally own my property a weight was lifted off my head.
When we paid our house mortgage off early, we then used that extra money to pay off a car loan early, and of course save some money in the bank, too.
Brava, Kate! Keep up the frugal work!
My husband and I became completely debt free in 2001, praise the Lord, and it was the best money maneuver we ever did. It allowed us to live on 1 income and I have stayed home to home-educate our 9 children. Combining frugality with being debt free is what made all that possible. My husband and I have basically split our roles into: he earns the money and I spend/save it wisely. We’ve made a good team and the Lord has been faithful to bless our efforts to “owe no man anything”, like it says in the Bible.
We were mortgage free and then bought our dream house, and renting out our first to pay this one off quickly. 🙏🏼 Good luck! You’re crushing it!! It’s going to teach your son so much in his future too. ❤
That is awesome! and thank you so much!
I did that too, after vetting carefully got renters from Hell. Trashed beyond belief my paid off house. Cost a LOT to repair it then sold it.
We paid off our mortgage 7 years early!!!!it is an indescribable feeling. When you actually own your home - it is a huge weight off your shoulders. Yes of course there are taxes and upkeep , repairs etc but it’s totally All YOURS !!!😊😊🎉🎉🎉
The peace of mid that comes with a paid for home will make it all worth it. We purchased our home in 2003, and paid it off in 2011. We now lived debt free at the ages of 34 and 36. In 2017 my husband was kill in a car accident.
@@katiepedersen3171I'm so sorry for the loss of your husband. ⚘️
@@katiepedersen3171 I am sorry for your loss. I am
@@katiepedersen3171Awwww. Soooo sorry for your loss...😢💔
YASS CHRIS! This is so awesome!!!!
Paid off mortgage in 2020 best feeling in the world did borrow from my savings but it was a small amout less then 30.000 and it's all ok to have the freedom and just keep saving!😊
Thank you, Kate, and congrats on all your progress thus far! You inspired me a while ago to contribute an extra $250 a month to my mortgage payments which will shave off 10 years of my loan if I don't do anything else. But you've inspired me once more to contribute more and see if I can get closer to 15 ❤❤❤
Just increased to $300 per month, every little bit helps 🎉🎉🎉
JULES! This is amazing! So proud of you!!!! Love shaving off YEARS of payments!!!!
What an achievement. Go Kate Go!!!
Congrats to you! How exciting!!
I have been doing a little happy dance, as my debt is under $50K. I know, I know, it is still a LOT and I am working on it, but when I started out, it was about $56K (about three years ago). I love the support from the KSquad!!
Thank you and YASSS LYLA to getting your debt under 50k! SO AWESOME
@@KateKaden thanks 🙂 My goal is to get it below $49K by the end of the year.
That’s amazing being on track to be mortgage free. I paid my mortgage off about 5 years ago and it’s such a great feeling. It’s given me so much flexibility in my life I now only work part time and am on track to retire early!
I'm so happy that I don't have a house which i couldn't afford. My rent is only 62 bucks a month. So happy that Jah has blessed me to have such a warm and inviting place that I live in....😅😅😅😊😊😊
Kate OMG!!!! That is amazing!!! You’ve payed off 19 years in 4 🤯.. You will pay that mortgage off in record time!!! I am sooo impressed and proud of you!!! I am still getting prepared to buy my first home, hoping the interest rates go down 😩 but when I do, I will take this approach to pay it off ASAP!! WOW 👏🏽👏🏽👏🏽
Thank you so so much! And I'm so excited you are preparing to buy your first home! I hope all these videos help you prepare:)
We paid off our house several years ago, we also had a 15 year mortgage! It’s always the best decision, we don’t regret it one bit
I paid off my house in 2021 (bought 2005) and don't regret it for a moment. I would pay more on the loan each month and when I got a bonus, went to the mortgage. When I worked an extra shift, went to the mortgage. When I had a tax return, a good portion went to the mortgage. It was a 30 year mortgage and I originally had no interest in paying it off quickly, but started following Dave Ramsey (I know he is controversial to some but helped to start me on the path of getting my finances in order) and started following the baby steps. Paid off my student loans in 2017 and that payment went towards the mortgage. It was honestly very weird not having a house payment so took some getting used to but so worth it. I'm a weird one...no mortgage, no student loan, and no car payment (haven't had one of those since 1998 and I save up and pay in cash). I like that my money goes towards what I want, helping causes I'm passionate about, and saving. Definitely my best decision financially 🙂.
we were so fortunate to refinance our house when interest rates were so incredibly low. I feel like my low interest rate is a veritable treasure these days! once I pay off the HELOC loan I have I am going to throw every extra dollar at our mortgage. I have a very simple and realizable dream for once that's done (hopefully by age 60!): to be able to just work part time and foster dogs. 🐕😄
I love to hear your progress Kate. Congratulations on keeping those goals moving forward. I’m doing the same myself ….. paying down the mortgage bit by bit and hoping to get it done by retirement in a few years. Love your content ❤
We paid off our mortgage in 15 years on a 25 year mortgage. The feeling is such great relief and security ❤️ keep up the good work ❤️
OMG Jennifer, that is AWESOME!!!!!! Thanks for this inspiration! I want that FEELING! Thank you!
6 years! I can’t wait! Congrats on your amazing progress!
We paid off our 15 year mortgage in 10. The early payoff rules are written into your loan so make sure your loan doesn’t penalize you before signing on the dotted line!
YASSS MARE!
Great job on your mortgage payoff progress! You mentioned a four category budget. Can you explain the categories or link a video where you go over this?
Paid off my mortgage early - it was a completely underwhelming experience initially. I paid a huge lump sum off with an inheritance from my Grandmother 😊. The reality sunk in the following month when my hefty mortgage payment money was still sitting in my bank account. It has given me so much financial freedom and I am on track to retire 12 years early as a result xx
Yes the timing was great for me too! 2.35 interest rate
That is AWESOME Holly!
Hubby and I put our first home on 15 years and paid it off in 10. We never had any other debt despite moving to larger houses through the years - paid cash for those. We maxed 401ks and other investment options, lived below our means, and retired at 52. Freedom and options are what our money strategy bought us. Keep going Kate - you're probably the odd man out among your acquaintances but they'll envy you in the long run!
You are such an inspiration! Keep up the good work. You are doing great! It’s crazy to think you’ve already been there 4 years. Wow 😮
Thank you soooo much Melissa!
It is so worth it! A paid off mortgage is so freeing. Knowing you will always have a roof over your head. It has been a great investment. We have lived in several homes and either pay cash or take a 15 year and pay it off in 7 or 10 years. We have lived in high cost of living areas sold our paid off home. Moved to a lower cost of living area and paid cash on our next home. Put the lack of mortgage payment into upgrades and with the area home values increasing sold that home. With alot of money in our pocket and another out of state transfer we were able to pay cash for a 3 bd, 2 1/2 bath on 2 acres. We retired early, here. The value of our home has more then doubled. Now we are looking into about 8-10 acres to purchase with our daughter. They will sell their home (huge amount of equity) we will combine our profits build a modest 3 bedroom for them with a small cottage for us. No mortgages. They are working parents and we love yard work😅
That’s great Kate! We started out with a 15 year mortgage and we have been doing the same thing as you. Any extra we get we put on the principal. If we can stay on plan our home will be paid off in 1 year! Keep up the great work and thank you for sharing financial information as you have helped with a lot of ideas of how to save. 😊
Loved seeing this update 😊 been rewatching your vids a lot lately to refocus myself, i still remember watching you on that live stream first time in your home and beinf so inspired, you're a true role model 🌼😊
OMG that was one of my FAVORITE DAYS!!! Thank you!!!
You’re doing so well! We have year left to pay, cutting 15 years off our mortgage.
Thanks so so much!
I can't wait. At the end of this month a 2 year fixed account term ends and I'm putting the whole of it down as a lump sum! This will be the second one we have done, the rate is so low right now and we have one more year before we renew.
Next year we plan to up our monthly payments to take advantage of that last year, then we'll just have to see what happens at renewal time.
I'm keen to fully own our home ASAP, I know it's a heart over head thing really and mathematically investing is a better return, but I want the feeling of owning outright.
Plus you know all that interest, belongs in my pocket, right!?
On track to make my 30 yr plan down to 15 n change. I overcame a lot of hurdles in the job market so NEVER give up!
You’re doing awesome paying off your mortgage early! It’s so motivating watching the balance go down! I paid my 30 year mortgage off in 10 years. Eliminating that monthly payment is priceless! I love it so much. I put half of what I used to pay each month into savings each month. Just for the heck of it. Mostly use that money for travel.
We had a 2.87% rate on a 15 yr and paid it off in 8 yrs. Best thing we ever did and now dumping that payment into stock market and HYSA. Debt free and can ride any storm because no one can take our house away. Prop 13 keeps our property taxes stable and low. Keep at it Kate, the finish line is in view ❤
I'm so proud of wonderful, sensible Kate! You are doing amazingly well!
I overpaid my mortgage whenever I could, and saved 7 years of interest. Like you, I was doing this on a single salary, and I live in one of the more expensive areas of the UK now. My savings have gone up well since the mortgage was paid off.
Gretel thank you so much and WOW! You saved 7 years of INTEREST! AMAAAZINGGGG!
@@KateKaden Well worth the effort!
Congratulations on your efforts.
Years ago with one house I got an Amortization schedule from the bank where our mortgage was.
I think I had to pay $10 to $25 for it, but worth it.
Monthly for years I paid extra. Then I would estimate what my mortgage balance was + penciled onto the schedule. Very satisfying to know I was saving in the long run. If you can just pay $10 or $25 extra monthly, do it. As times goes on, you will be able to add to it.
You do have to think of what the house would be worth at the end of 30 years when it comes to total cost, but i agree wholeheartedly about paying it off early because of this! I bought my house(a three bedroom 1 bath house 1100 sq feet for $80,000! ) in a small rural town.
80k! That's awesome!
Kate, this is awesome news! Great job, my friend! You are an inspiration!
You are so wise Kate. I want this so much. This is the one money decision hubs and I can't get on the same page about. You've given me a new way to present it to him. You're awesome!
Hi Kate, in Australia house prices are horrendous as loan interest rates are. Food prices are also much more expensive.
Congratulations to you all in the USA for having a fairer price margin,
Congratulations Kate
Thank you Suzette
My house is paid off. I’m 68 and have been a widow for 5 1/2 years. I couldn’t live in my house if had a mortgage or I would still be working instead of being retired. I’m frugal and can afford to travel some because I have no mortgage payment.
This is inspiring Virginia, thank you! LOVE that you have no mortgage payment and can be frugal and enjoy travel and do what you want! LOVE LOVE LOVE!
You are a Rockstar Kate! Well done! I'm much older (58) and am doing the same as you! The freedom of being debt free was incredible and life changing! Being able to use that extra money to pay down my mortgage is also life changing!
Thank you so much and thank you for sharing with us! YASSSSS!!!
I pay cash for my apartment ( it was 1997, a buyer’s market), and prior to purchasing I already was investing for retirement. It is important to do both simultaneously, time in your account invested in index funds will reap a secure retirement. Roth is your friend. 👍
Wow that's Awesome ❤❤❤😮😮😮😊😊😊
Thanks so much Wanda!
Love the update and encouragement! We have about 12 years left on our 15-year mortgage. We are able to pay an extra 1/12 mortgage payment each month, plus a couple extra payments at the end of the year.
Love this!
Kate, having our house paid off has been liberating to say the least. I can now pick and choose where I work and take care of my mental health. My family gets the best version of me now and not my job. Congrats and keep up the great work.
This sounds AMAAZING! Thank you for the inspiration! This is such a great share, thank you!
Love this! I'm currently working on paying off my student loan and can't wait to then take that money to pay off my mortgage early! If everything goes according to plan, they will both be paid off in 10 years!
YASSS Melanie!
So happy for you Kate you are doing a great job. Not quite where I want to be nearing retirement. Your channel has helped me a lot though. I have used some of your tips.
I downsized a couple of years ago moving from a house into a condo apartment, which was a good choice for me all round. I'm currently paying off consumer debt and should be done with that in about a year. Then I'll start putting half of that money on my mortgage and the other half in extra investments. I'm looking forward to having no customer debt, the mortgage paid off early, and investments for retirement.
Great topic. Doing the math on debt is eye opening!!
Absolutely!!
So proud of you! 🎉🎉🎉🎉
Wow that’s really great Kate. I hope you know how inspiring you are too me. Thanks😊
I paid off my 2.85% mortgage this year so that when I turn 50 next year I can take those funds and fully fund my retirement accounts plus catch-up contributions. I still have a $600 per month home payment (to fund school & property taxes & homeowners insurance), but I remind myself I would never be able to rent (even a studio) for that amount, so it was absolutely worth it! Good luck, stay persistent & disciplined and you will save so much!
We are on track to pay off our mortgage next year…assuming no other “surprise” repairs need to be done. Getting ready to have out septic system replaced, thankfully have a well funded home repair fund but it will about tap it out so will get it back up and then onto the mortgage pay off.
You’re such an inspiration! Thank you for breaking down why we should bother to pay off our mortgage early. It’s given me way more motivation now after seeing those numbers!
I'm so glad this was helpful!!!! Thank you so much for your support. I'm so glad you're here and so happy it gave you more motivation! YASSS!!!
we paid off our mortgage in 17 years. My husband is a journeyman carpenter. and is frequently out of work between jobs. When there was extra money, I threw it at the mortgage. In 2016, we were able to refinance from 7 and three fourth percent interest to 3 and a half, 15 yr instead of 30yr mortgage. Not having to worry about mortgage payments is priceless. It's totally worth all the sacrifice.
LOVE THIS!!!! Thank you for sharing! And CONGRATULATIONS!
That’s awesome, Kate! 🙌🙌🙌
Thank you!! 😁
Congratulations, Kate! What you have accomplished is huge! As soon as I complete BS #3, I'll be on BS # 4,5,6, which is paying off the mortgage early! Your video is extremely encouraging!!!
Thank you SO much! And I'm so proud of you for taking the baby steps! It's a great method! Excited for you!
Congratulations! You are doing well and still having a fun enjoyable life for you are your son :) I can’t wait to pay off my mortgage too … someday .. at least we get to claim the interest on your taxes I think 🤔 have a great day
Never been interested in the purchase price of your house but now that you've given a price range it's made me want to guess! I won't, but I want to.
Thanks for continuing to inspire us. I pay extra principal each month when I write a check for my mortgage. Writing it down on an old fashioned check is powerful.
Congratulations
Love your dedication to this. Truly inspiring !
Thank you girl!!!!!!!!!
Paid off a 30 in 16. Keep it up! Totally worth it.
YASSS Julianne! THAT IS AWESOME!
I paid my condo off in 12 years. I cannot tell you how that has blessed me. I am single also, so it was hard but worth it. I had a low-ish income but learned to be frugal. Honestly, I gave up most vacations, new cars, etc. 14 years later and retired that sacrifice really paid off. Also, I had parents and aunties and siblings that sometimes helped me along the way. I am indebted to them.
Elizabeth, I'm SO glad your condo is paid off!! YESSSSS!!!!! So hard, but sound worth it. Can't wait to get there!
I will say this, as you near the last dollars of your mortgage save up your property tax and home owners premium money. They decide when youve paid the loan off and when they are going to refund any left over escrow. On the lastnlay,last pay, made,mi decided we were tight and I was only going to pay the minimum which I did,. Two weeks later I found out that they combined my escrow amount to pay off the remaining mortgage amount and I was a happy home owner with extra money being returned but still being calculated. A day later, I realized that I owed, myself,, the second half property taxes at the end of the month in something like 10 days and I wouldn't be getting any escrow money back in time to pay for them. The next month, I had homeowners insurance renewal; and yes no escrow return for that either.
Good for you !!!! It isn't easy,but you persevere. Well done. Kaden looks wonderful. You are slaying it. Well done ❤
Thank you so so much!
Wow Kate! You are smashing that home loan!I have been following your journey from the very beginning. I have been..whats the term?Gazelle intense in paying my home loan as well.I know from first hand experience that it is not easy to make those extra lump sum payments, it takes focus and dedication, not mention hard work!!I have ten months left..i have a countdown poster up in my bedroom and I love to tick off the months as they get less.We've got this! Much love Illze.
Huge congratulations Kate 🎉 This is phenomenal progress going from 30 to 11 in 4 years. You are proof that living below your means is worth it. Also going from age 71 to age 56 is brilliant for your peace of mind. 😊
I did some calculations as I like specifics 😂
In 2 years you paid off 5 years
360 to 300
60 (24 minimum 36 additional)
In 2 years you paid off 14 years
300 to 132
168 (24 minimum 144 additional)
So in 4 years you paid off 19 years
360 to 132
228 (48 minimum 180 additional)
Leaving 11 years 132 payments
SANDRA!!!!! You have been one of my biggest supporters in my mortgage payoff and I cannot tell you how much I appreciate you. Thanks for doing these calculations too! You help keep me motivated and focused! You're the best!
You are brilliant well done ❤
Thank you Susan! 😊
I’m having to start all over again at the age of 53 thanks to divorce. I’m shortly moving into a new house but my monthly mortgage payment will be half my monthly salary (I’m in a really expensive area in the UK) and I’ll be paying off my mortgage until im 75 😩. That alone gives me a massive incentive to try and pay off early 🙈
Reading the comments and getting inspired. We refinanced a few years back and our interest is below 3%. My retirement goal is to travel the world. Our cars are paid off and we’re currently chipping away at the bit of debt we have (under 4k). The goal after that is the house. I hate debt and the stress that comes with it. Fingers crossed with a good plan we will be able to do it in less than the 17 years we still have left.
Are you still paying PMI on your mortgage? Great job getting it down to 11 year’s left, that will be just in time for Kaden to go to college if that’s the plan.😊
Congratulations Kate that is awesome!
Thank you Kellie!! 😊
Congratulations Kate well done🎉
Thank you so much 😀
Congratulations Kate!
Thank you so much 😀
28 years left.
Starting to pay more money this month. If goes well, will be done in 2036. So total years is 14.
Just put a new roof in cash this summer.
YASS!
Congrats! 🎉 That’s exciting! Keep up the momentum! We’ve paid off 13+ years of our 30 yr mortgage in 2 1/2 years… we’re hoping to be close to the end at the time of our first renewal..
OMG YESSSSS!!!!! SO PROUD OF YOU!!!!!!!!!!
@@KateKaden You made my day… ❤️ 🥰
Woohoo this is fantastic!!!
From one single woman to another… you are killing it.🎉
Thank you so much RN!
From one single woman to another...YOU ROCK!
Your update was very inspiring!
Thank you Victoria!
Hi Kate & KSquad!!!
KATIE!!!
God bless you!!!
Curious about range of value for the extra additional lump sum payments you've been making.
girlllll, i am on a fearce payoff plan and exhausted.
You've got this!!! I know, right!? It can be exhausting for sure. Proud of you!
Our mortgage was just paid off in August. 16 years!
The feeling is indescribable. It’s such an emotion to be totally debt free. I wish it for everyone.
Good luck to all ☮️
This is amazing! CONGRATULATIONS!!!!!
Thumbs up, Kate.🎊
Congratulations on paying your mortgage! We paid off our mortgage 10 years ago which allowed us to help our 2 kids get through college with no debt and continue to save for retirement. Husband got to retire at 61, me at 58 by just staying on same budget we used to pay off house and maxing retirement accounts. Budgeting is empowering!
Sorry not clear, congratulations on paying extra on your mortgage!