My wife and I have been paying down the principal on our $200,000 mortgage for almost four years now. The balance currently sits at $20,000. We are knocking at the door of mortgage payoff paradise!
The home mortgage is quite often the largest expense in your typical annual budget. Since your mortgage eats up such a huge chunk of your monthly income, completely ridding yourself of it could be quite freeing.
My wife Nicole and I completely agree with this sentiment of mortgage freedom. We’re just not interested in having a mortgage anymore. So, we’re getting rid of it.