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Wish me luck!

December 15th, 2009 at 03:00 pm

Ok, fellow bloggers we need you to root for us. We will begin prepaying aggressively on our mortgage starting January 1st. We will be living off my husband's income and the income from the rental property and my checks will be used to pay our monthly payment and about $2100 on extra principal. We figured we have a pretty nice emergency fund and we should give this a try. We can always reduce the amount if it becomes too hard to do. I'd say give it a try!

There are two reasons why we want to do this:
1. We hate having to pay about $10,000 in interest every year (I rather pay the feds a few thousand dollars)
2. My husband can retire at 60 and he is 51 already. I have to work 'til I'm 62 (40 now). We rather not have a mortgage when he retires.

10 Responses to “Wish me luck!”

  1. creditcardfree Says:

    Good luck!! I think it is a great idea.

  2. milehighgal Says:

    Wow that's amazing, you'll widdle it down in no time.
    I think with all investment performance we've seen lately this is the biggest bang for the buck and the greatest ROI!

  3. KellyB Says:

    Good luck! I'll be joining you on this endeavor (attempting to prepay mortgage). Our plan is to pay off $10K to principal each of the next 7 years, and the normal payment will take care of the rest. So wish me luck too!!

  4. homebody Says:

    I would join, but we do not plan to retire in our present home (or state)! Good luck though!

    We will have our own version. Live on DH's salary and save mine! We are both 51.

  5. homebody Says:

    I would join, but we do not plan to retire in our present home (or state)! Good luck though!

  6. ceejay74 Says:

    Awesome plan! When I eventually get my other debts cleared, I intend to pay extra on whatever mortgage we have at the time. I'm excited for you!

  7. Campfrugal Says:

    I am on board with that as soon as I pay the rest of my debt, then onto my mortgage. For you, I am rooting for you all the way.

  8. DeniseNTexas Says:

    I'm rooting for you - good luck! It sounds like a great plan and I hope you keep us posted.

  9. -Jerry- Says:

    I agree that having no mortgage at retirement will lead to a lot less headaches, not to mention a substantial decrease in cost-of-living. With the other costs at retirement, such as health insurance, medications, travel, and other considerations, it's best to have the roof over one's head taken care of in advance!
    Jerry

  10. SavingBucks Says:

    Good luck to you --- we did this as well and paid off our home 7 years ago! If things get tougher, don;t stop paying extra - just decrease the amount. We paid off a 15 year loan in 3.5 years by overpaying. We also tightened our frugal belt and watched our expenses. I am now 5 years from retirement (eligible at 55). DH will retire at 60 in 13 years. We still have our frugal belt on only loosened by a notch! Bonuses -- our 401(k)s are regularly maxed out and contributions to Roth IRAs can be made without sacrifice. You can do it!

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