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Reply to "Paying down a mortgage - not a debate about whether it makes sense"
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[quote=Anonymous]We are 2 1/2 years into our 15 year mortgage and on track to pay it off in another 4 to 5 years. The mortgage professor's early payoff or extra payments calculators are helpful to map out a plan or timeline for your payoff. We basically make a principal payment equal to our mortgage payment each month and add any increases to our income to the house. Like you we aren't concerned about whether it's the most lucrative use of our money. We save for a healthy amount for retirement and have a modest but fulfilling life. Having a paid for house will give us peace of mind. My husband and I start out broke. When we got married 10 years ago, we were struggling to pay for basic necessities. I had a low paying entry level job and he was working part time unloading trucks and hunting for a decent job all the time. It took 3 years before we made any major progress. My husband still worries that he'll be back unloading truck again despite us both having 100k salaries in stable career fields. In his mind no mortgage means he will never have to worry about the basics again and that's worth a little less in lifestyle and investments. Good luck on your early payoff journey![/quote]
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