#mortgagepaydown

[moneystories]

Obsession: Early mortgage pay down

I am obsessed with paying down my mortgage early. When I bought my first house, I calculated how much each marginal dollar paid would save in interest over the life of the loan, and how much sooner I would finish paying. I was amazed at how much of each payment in the early years went to interest, and therefore how much impact each additional dollar could have in paying down the amount outstanding. After building up an emergency fund, I put everything I could into paying down the mortgage. I get excited each month when I write the check. Now I am on track to have paid the entire mortgage before I turn 30, and I will have saved well over $100,000 in interest.