Join the Mortgage Payoff Club!

Do you want to live completely debt free? Do you want to have an extra (in my case) $1,373/month that you don’t have to spend?

Do you want to know how “the grass will feel different under your feet” as Dave Ramsey says?

Then let’s all vow to go “gazelle intense” and pay off our mortgages super early!

I vow to make an extra $750/month payment (at the minimum) plus anything else I can throw at it. This will pay the mortgage off in less than 15 years. I’m aiming for less than 10 – so that means my goal is around $1,500 a month. Let’s see if we can do it!

To make your commitment – simply comment below with the extra payment that you are committing to make! Let’s all keep each-other accountable!

{ 28 comments… add one }

  • Leigh March 28, 2013, 9:22 pm

    My current plan is to pay my mortgage off in under 5 years from origination so I don’t have to worry about the rate resetting! That works out to about $2,000/month extra + all of my bonuses. I think I’ve been doing pretty well with it so far since I’ve paid off about 14% of the original mortgage in just 9 months!

  • Purchase Baby June 2, 2013, 2:07 pm

    I want to be mortgage-free too! I’ve had the mortgage for 13 years, with my ex (now). It’s due to finish in 2024, however, since I’ve found Dave Ramsey & YNAB last year, I cleared over £22k+ in debt! Now, I’m rocking to being debt-free on the mortgage which is £57k+ left. I’m doing this on my own, and I’m aiming to do it in 3 years! My extra payments will officially be £500 extra (that’s my limit from the bank), and then put aside around £600+ extra in a savings account until when I’m able to clear everything in one go (instead of paying more than £500+ extra per month and getting fined 3% for the overpayment :( Wish me luck!

    • cdub June 2, 2013, 8:04 pm

      That’s great. I’ve been seriously reading up on mrmoneymoustache’s blog ( for some more crazy spending cutting ideas to boost the payments event more.

      Once we buy our new car I’ll be attacking the mortgage like crazy.

  • Hazel Msomi July 18, 2013, 1:34 am

    Love your blog

  • Jim Hodge Blog July 21, 2013, 6:42 pm

    We have put up on the blog a mortgage calculator that can make it easy regarding consumers to observe their amortization payments and also principle balances. – Jim Hodge

  • Mortgage Hater September 8, 2013, 7:15 pm

    In June 2012, my husband and I refinanced our $240.500 mortgage because we now both have secure jobs so we could pay more. We got into a 15 year mortgage with a %3.25 interest rate (with the monthly payment of $2,000). But, our plan was (and still is) to pay it off by the end of 2017, in five years. Our entire 5 year budget has been calculated in Excel so we know exactly how much extra we need to put in. We first started with only $600 extra payment a month; we are now paying $2,500 extra every month with a total of $4,500 a month. Because our income is steady, we signed up for an automatic payment so that we plan accordingly. We are basically living on one income and paying the second income toward the mortgage.

    As of today, we are down to $201,000. It feels absolutely great to see the numbers go down fast every month.

    • cdub September 9, 2013, 9:05 am

      That’s awesome! As soon as my wife goes back to work we’ll do the same as we’ll be able to use all of her income to go towards the mortgage.

      It’s looking like I’ll be able to throw around $700 extra this month, just waiting to see how the numbers work out…

      We have a lot of non regular expenses this month as we just had our 3rd child and we have alot of new baby expenses but that should calm down in a month or too.

      But we are now currently on one income.

  • Curtis@Pay Off My Rentals November 8, 2013, 6:21 am

    Fantastic to see more bloggin about paying off the mortgage. I am blogging about paying off my Rental Real Estate Mortgages (all three remaining) within 3.5 years starting from January of this year. Next month I’ll have achieved the goal of paying off the first of the three (right on schedule).

    Check us out for additional inspiration:

  • jim November 16, 2013, 7:08 pm

    Late comer, but I’m in. We actually started our “kill the mortgage” plan in Jan 2013. For the first 10 months we threw $4K/month at it ($1350 normally). Ran into some health problems so we’re back to just paying the $1350, but we’re stockpiling the additional $2350/month just in case we need a whole lot of extra $ for medical bills. If all goes well, in a few months, we’ll go back to the $4K/month and throw in what we’ve been stockpiling. This mortgage is going to DIE before Christmas 2015.

    • cdub November 16, 2013, 9:42 pm

      Awesome. $4k extra to the mortgage each month is balls to the walls awesome.

      I hope to get to that point once my wife goes back to work.

  • No Debt Guy December 10, 2013, 9:00 am

    We purchased our house in the summer of 2008 and started with a mortgage of $316,000. It should be paid off by June 2014. We are very excited and it will be nice not to have that payment every month! Nice blog, keep it up.

  • andrew carter January 4, 2014, 11:02 am

    I am happy to see your progress of being mortgage free. I too want to be mortgage free and started making extra payments Jan. 2014. I owe 88k and my goal is to get rid of it in three years if possible. So if we keep checking on each other then we encourage each other to finish the race, even when it gets hard. Good luck on your journey. Getherdone!

    • Vanessa January 31, 2014, 11:25 am

      Thanks for creating a forum for like minded folks to discuss their ideas and goals! My husband and I are Huge Dave Ramsey fans. Needless to say we are debt free besides our house, but not for long! We purchased our home in SC 2.5 years ago for $410,000. Between a downpayment and aggressively paying additional principal, we have only $98,800 left. We are paying $2250 toward principal each month. Our goal is to have this paid off in about 2.5 more years. This would help us meet our goal of fully owning our home before our 2.5% interest payment adjust upward. Excited about the journey, and praying others are going to meet their goals as well :)

      • cdub February 3, 2014, 11:34 pm

        $300k in 2.5 years? Wow – that’s some inspiration. I can’t wait until I bury this debt completely.

  • Rich February 3, 2014, 7:57 pm

    Bought $100k land 4 years ago and am finishing the home-build of $150k on the property (using cash and savings). As of right now I owe $55k at 7% which I am overpaying by about $3k per month to finish by March of 2015.

    And, yes, I could refi but then I would get hit with flood insurance, home insurance, closing costs, etc. Right now the interest rate is providing the incentive to sacrifice to pay it off. By paying it off early I should only pay about $2k or so in interest so not a big deal anyway.

    • cdub February 3, 2014, 11:33 pm

      Wow – $3k a month extra! That’s awesome. I hope to be able to get to that amount sometime – although it may require my wife to go back to work for that. I should be able to get back to at least $1,500 a month extra once I get back to work and get our emergency savings/YNAB buffer back to where it should be.

      Keep up the good work! :)

  • RNwastash March 6, 2014, 9:04 pm

    I just found your blog from the MMM forum. I’m in!! I want to pay off my $144,000 balance on my mortgage ASAP!! When I’m done I can work part-time :)
    I hope to do in in 4 years by adding $2000-$2500 a month to my monthly payment. Good luck to us all!!

    • cdub March 6, 2014, 10:16 pm

      That’s awesome. I hope to be able to finally throw $2k extra at our mortgage when our e-fund is built back up.

      Hopefully Murphy is going to stop visiting me for a while. :)

  • tonya March 18, 2014, 9:57 am

    We are working on paying off the mortgage also. We have $398k left and are on a 7 yr payoff plan. We have some other things to pay off first but then we are going to get the mortgage gone.

  • HeadstrongBridget March 29, 2014, 12:31 pm

    Sorry to be joining so late but I just found this site and I am thrilled to find other like-minded people.

    A little about me…after years staying home to care for my 3 kids I am back in the workforce and my family finally has extra money each month. We went from making about $60K a year until 2012 (and clipping coupons to put food on the table) to over $220K a year (and still clipping coupons.). This bump in income happened almost overnight- my husband by kicking butt at a sales job ($60k base plus $80K in commissions last year) and me by taking on a very demanding job that pays $80k plus bonus. This year we could hit the $250k mark. Since I never expected we would make this much, and we work so darn hard for our kids future, I really want to use this opportunity to keep providing security for our family.

    Our oldest is leaving for college in 4 and a half years and I want to erase the mortgage beforehand. We live in an expensive area and it seems everyone around here just spends, spends, spends. Stay at home moms have cleaning ladies kind of area. It’s obnoxious. This blog (and all of you) give me so much inspiration to knock down this debt. If I can pay off about $4900 in principal each month the mortgage will be gone a few months before my son starts university. Here’s my numbers:

    Current value of house : 467,000.00
    Current Mortgage:190,492.70

    Just sent off next months payment, which should bring the new amount owed to about 185,000.00

    Looking forward to seeing each of us succeed!

  • Sharon April 23, 2014, 8:00 pm

    Hey there, Been lurking here a bit. We have all our debt paid off except the mortgage ourselves. Loan balance is $212,000. So I figured if we put an additional $450 a month towards principal that would take us from 30 yrs to 15 yrs. Of course if we can do it even sooner that would be great. But for now $450 is big jump for us to add on but we can do it!

  • Najibah Abdullah April 28, 2014, 4:44 am

    Hi… Love your idea of a mortgage payoff club so that we can hold each other accountable… I first got a mortgage for $200k in November 2009… I made a $50k prepayment in December 2013 and will make another $55k prepayment in April 2014 this will bring my loan amount to $31k yay! Unfortunately my bank has stiff prepayment penalties so I’ve had to save up and pay rather than pay extra each month… Plus they also have a settlement penalty… Suffice it to say I will not be using the same bank again…

  • Olivia @ Essential Finances July 19, 2014, 8:38 pm

    Love the idea of a pay off mortgage club! Talking about money is so taboo nowadays it’s hard to find determined individuals who help keep you on track to achieve your goals. We just bought our condo September 2013 with a mortgage of just over $260,000 but we’re working on putting down $20,000 per year extra and whatever else we can throw at it!

    • cdub July 22, 2014, 11:28 am

      Awesome. Yes let’s destroy our mortgages. :)

  • Financial Forager August 20, 2014, 7:38 am

    I am trying to pay off my mortgage in about 6 years. I am making $800.00 a month extra payments. I am hope to refinance soon to a 10 year and a lower rate. I own about $180,000. It will be a great feeling not to have a mortgage payment again.

  • Tracy Warren November 7, 2014, 12:19 pm

    I am serious now!!! It doesn’t seem like here are a lot of blogs out there about mortgages. I have so many ideas – now to implement them.

  • Committed Chris November 25, 2014, 7:52 am

    It’s really refreshing to read about other people committed to this course of action. It flies in the face of conventional wealth building strategies but my wife and I feel it’s the right path for us and will allow us much more flexibility long-term.

    We are in our mid-40′s and currently debt-free except our mortgage with a balance of about $150,000. We created a plan about 2 months ago where we will have the mortgage paid off in less than 2 years by adding an extra $5000/month.

    To make this happen we have stopped all retirement savings. This is REALLY scary for us because we have always been savers. Combined, we have have managed to save up about $400,000 in retirement accounts. This is in addition to paying off my wife’s $100,000+ in student loans.

    What we’ve noticed so far is that the real benefit of this course of action is how it’s forced us to really look at every line item in our budget and ask these questions: “Can we improve here? Can we increase the amount we pay towards the mortgage to get back to saving sooner?”

    By doing this alone, we might be able to increase that $5000 to $6000/month!! We have already stopped eating out as frequently as we did. We have decided to stop all clothing purchases except for our son. We are in serious discussions on dumping cable. We find we are making sure our lights are shut off and our heat is turned down as much as possible. Every facet of our lives is being examined to identify waste…hence, our love of MMM (Mr. Money Mustache).

    I’m really not sure we would have ever gotten to this place without this commitment to paying off the mortgage early. I think we would have continued on our savings path with all the excess and waste in place. For us, shutting off the savings to tackle the mortgage is what “lit the fire in our bellies”. I know the habits we create in the next 2 years will pay huge dividends in our future (and our son’s future!).

    Anyway, thanks for letting me share our story. We are all in different places along this path but we all have a common goal of being mortgage-free!!!

Cancel reply

Leave a Comment

Current day month ye@r *