Feb 3, 2020
10 Steps to Pay Off Your Mortgage Early
Our question of the month comes in from Mike:
Andy,
I saw the Business Insider article about you paying off your mortgage early.
We’re in a similar situation. With $228,000 left on our mortgage, our plan is to pay it off in 6 years. We’re looking for advice and shortcuts!
That’s awesome to hear you want to pay off your mortgage early, Mike!
You’re looking for steps, shortcuts, and advice on how to pay off your $228,000 mortgage in 6 years … Let’s do this!
1. Make a Goal
This is something that you have already started! Nice work.
Let’s make it a SMART Goal. That's a goal that is Specific, Measurable, Achievable, Relevant and Time-Based.
* Specific: You're not saying, “My goal is to be more financially fit.” You're saying “I want to be mortgage-free!” That's specific.
* Measurable: You have $228,000 left on your mortgage and it’s easily measured by the number decreasing to $0 overtime.
* Achievable: That is something you'll have to answer, Mike. Do…