How Our Kids Helped Us Pay Off $250,000 of Debt (Including our Mortgage) – with J’Neal McCoy

For this month’s Mortgage Freedom series, we’re talking with the McCoy Family! They partnered together to pay off their mortgage early.

In the 3 years that I’ve been doing my podcast, I’ve never interviewed both parents and kids together! That’s what we’re going to do today.

J’Neal, Jeremy, Jensen and Miller McCoy are from Nixa, Missouri. J’Neal works at the local technical community college and Jeremy is an Assistant Principal at the local high school. And Jensen and Miller are currently working their way through 6th and 4th grade.

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10 Compelling Reasons to Pay Off Your Mortgage Early

There are so many opinions on whether or not you should pay off your mortgage early. 

Some say that paying off your mortgage is a bad idea because you could make a lot more money in the stock market. With the bull market over the past decade, there’s a lot of truth to that. 

And others appreciate the peace that comes with not owing anything to the bank each month. The benefits that come with that freedom are hard to deny as well. 

So, what’s the right answer? 

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Ready to Pay Off Your Mortgage? Remember These 10 Important Steps

So you’re ready to pay off your mortgage?! Congratulations!

There are some important hoops you have to jump through to make this momentous occasion official. After all that hard work in paying your monster loan, let’s make sure you cross all your “T’s” and dot your “I’s”.

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Pay Off the 30-Year Mortgage Early or Invest?

Our first question of the month comes in from Patrick from California:


Hey Andy, can I pick your brain real quick about paying off your mortgage?

I just bought a house here in San Diego and got a 30 year fixed on it. 

If I wait 30 years to pay it off, I will have paid $162,000 in interest which doesn’t sit very well with me.

What was your reason for paying off your mortgage?  

I was thinking instead of making extra payments on the principal that I would instead invest that money. After 8-10 years I would have amassed enough to pay off the mortgage in a lump sum.

What are your thoughts on that? Invest the money or pay off the mortgage?  

My reason to accelerate paying it off is that: 

1. I hate debt  

2. Lower my monthly expenses after loan is paid off  

3. Save at least $100K in interest payment

Many thanks bro!

Patrick 


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