Paying off the mortgage and becoming completely debt free is one of my family’s major financial goals. It’s a goal for others as well and I have also have had the privilege of interviewing couples who have paid off their mortgage. By listening to those interviews and hearing how they have done it, it is a good reminder that paying off the mortgage is a marathon, not a sprint.
Unlike paying off your consumer debt, saving your emergency fund, or saving up enough cash to pay for your next car, paying off the mortgage is more than a couple of years’ journey. Even if you have a 15 year mortgage and pay extra on it each month, it is still going to take 8 plus years to completely pay off. But it’s like retirement, you won’t have enough money saved to retire today, but you have to look at the end in mind and ask yourself what you’ll be able to accomplish once you are completely debt free. By doing that you will be able to make those extra mortgage payments each month when it barely moves the balance owed.
Like training for a marathon, paying off the mortgage might not be the most exciting thing to do, but in the end the result is worth it! Never once have I interviewed someone who has paid off their mortgage and hated it so much that they went out and got another one. Still, it’s a long journey; you have to be disciplined for years and focus on the long term goal. But once it is paid in full, the results are fabulous.