What living without a home mortgage means to me

**PrairieRose** · 06-19-2006, 09:28 AM

This is an older topic revisited but think it's worth more discussion.....so bear with me.

Have you ever considered what it will be like to not have a mortgage or pay rent of any kind? We paid our mortgage off about 3 years ago and even though we still have to pay about $300/mo. in taxes and insurance on our home I have to say that it really, really is very nice not to have to make that mortgage payment monthly. It affords us the luxury to splurge a whole lot more on occaission if we want to. Our stress levels are much lower than they used to be, not having to worry about meeting so many bills each and every month. We have more expendable income and are able to focus less and less on the money, in our everyday lives since we have more breathing room. If you are struggling, get discouraged b/c of money being so tight but can see that you are making progress, even if only in babysteps....don't dispair. The payoff is well worth the sacrifice. Keep plugging along, day by day. When you get there........it's so very rewarding.

**psjkmom** · 06-19-2006, 09:50 AM

Thanks for the encouragement.

**homesteadmamma** · 06-19-2006, 09:56 AM

Lisa I totally agree. We paid cash for our home and like you, the stress level went way down.

I too want to encourage others - keep working at paying down your debt. It can be done, one baby step at a time.

**banana** · 06-19-2006, 10:15 AM

My dream is to pay down my mortgage. Wont be possible for about another 11 years or so.

**nodmicks** · 06-19-2006, 10:20 AM

We are both 36 now. We hope to have our mortgage paid off by 45. However I wont even start until our ef is fully funded, we up retirement funding from 6% to 15 % and college fund for the boys (10 and 13). However I still think it is very possible!!! We owe 53,000 approximately and are 8 years into the mortgage.

**Valerie in WA** · 06-19-2006, 05:06 PM

Once the van & CC are paid off, we're going to do some homemaintance/improvement (siding, kitchen), and then begin making greater than double mortgage payments. Our house will be paid for when the girls are 15 & 17 (I think). At that point we will begin making HUGE savings toward retirement. Those last few years that we work, most of earnings will go to retirement - should make it easier to show up each day.

**bee9984** · 06-20-2006, 09:56 AM

Thanks for starting this thread!

Dh and I are debt free except for our house , we are trying to get our emergency fund fully funded....once that is completed we will be paying extra on the house and it is due to be renewed July 2007 and we plan on locking in for no more than 5 years to get it paid off as soon as possible. Every little bit put onto the mortgage sure makes a big difference with the interest.