by Ms 99to1percent
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Tags: DebtFrugalityMortgagePersonal FinanceSavingspending mindfullySuccess stories
Ms 99to1percent
Blogging about Personal Finance along with a little touch of humor. Immigrant who started from the bottom and now I’m here…to tell my story, inspire and learn from others. Paid off $40K in student loans before graduating. CPA. Saved a $100K emergency fund in my 20’s. Hopping to pay off $500K+ mortgage within 5 years at 39. Hopping to become financially independent at 45. Happily married. Mom of 1.
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42 responses
- Comments25
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love spell says:September 17, 2017 at 8:32 pm
Hi there,I log on to your new stuff named “How To Pay Off A Mortgage In 5 Years – 99to1percent” on a regular basis.Your humoristic style is awesome, keep doing what you’re doing! And you can look our website about love spell.
Reply
- Ms 99to1percent says:
September 18, 2017 at 9:31 pm
Thanks, I’m glad you enjoyed the article.
Reply
- Miss Mazuma says:
September 18, 2017 at 5:02 pm
Hey – thanks for the mention!! I am the poster girl for what not to do in real estate. 🙂 Of course, with that lesson I learned exactly what to do so it was totally worth it!!
Question – I don’t know how it works in Canada, but here in the states if your get your house reappraised and the value has gone up (as yours has) so your loan to value is over 80/20 then you can drop the mortgage insurance. Is that a thing there? That could save you a bunch in the long run. Either way, keep it up. You guys are kicking ass!!
Reply
- Ms 99to1percent says:
September 18, 2017 at 9:13 pm
Hi Miss Mazuma, we are not as lucky as you guys. In Canada, the insurance fee is a non-refundable, one time fee that’s “front-loaded” on the mortgage and added to the balance. The good news is it’s portable should someone change houses and they still don’t have 20% down payment. They wouldn’t need to pay the fee again. However the government might change the rules as they are introducing new rules/changes every few months trying to cool down the hot Canadian real estate market.
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- Mark says:
September 20, 2017 at 11:42 am
Hurrah for you! For others trying to pay off early here is a calculator which will tell you how much extra you need to pay each month to pay off on a particular date
https://www.yourmoneypage.com/home/mortgagepod.phpReply
- Ms 99to1percent says:
September 20, 2017 at 12:27 pm
Thanks Mark, will make sure to check out the calculator.
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- Verle Ellis says:
September 28, 2017 at 12:15 am
Interesting and helpful. Thanks!
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- Ms 99to1percent says:
September 28, 2017 at 3:46 am
Glad you found them helpful. Thanks
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- eric says:
October 1, 2017 at 12:29 pm
Great post. Congrats on the plan. All of your choices (even D) are great ones. Just don’t let the new baby expenses throw you off track.
As a US resident I struggle with the arbitrage of mortgage balance vs. investment funds.
Tax deductibility, low interest rates, and good stock market returns have made my high mortgage balances the right call for the past several years.
Freedom from debt, guaranteed rate of return, and planning not having a house payment in retirement are the counter arguments to the above.
Everyone needs to make their own choice as to how to best reach the ultimate goal of financial independence.
Thanks for the great website and wonderful attitude!
Reply
- Kristine says:
November 8, 2017 at 10:44 am
I have the same internal struggle with my mortgage. I have no interest in paying it off early at this point in time because I am investing so much money in the markets and it’s such a low rate locked in for 30 years. If I wanted to quit working, I’d consider paying it off first or moving somewhere cheaper.
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- Ms 99to1percent says:
November 8, 2017 at 6:09 pm
It’s nice to have options 😉
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- Ms 99to1percent says:
October 2, 2017 at 4:05 am
Hi Eric,
Thanks for stopping by and commenting. Yes, everyone has to make their own choice as long as it’s choice they can live with. There’s really no right or wrong answer.
Reply
- Million Dollar Journey says:
October 12, 2017 at 11:39 am
Thanks for the mention Ms 99to1percent, and congratulations on your financial success!
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- Ms 99to1percent says:
October 12, 2017 at 12:41 pm
Thanks for visiting. It’s an honor to have the legend here visiting!
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- Ms 99to1percent says:
November 23, 2017 at 7:38 am
Thanks, glad you found it helpful!
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- Jeff says:
November 23, 2017 at 8:29 am
One of my coworkers asked if she should pay off her mortgage. Her accountant said to keep it because of the tax deduction. My answer was to fire her accountant. This is one of the most common myths about money I hear. I said you want to give the bank 10k to avoid giving the government 3k. Instead, give your 401k and you get the same net result, except YOU are 10k richer. When we bought our first house, I had read a strategy to pay off your mortgage of in half by doubling the principle payment. I remember my brother, who I respect highly in these matters dismissed the idea and said that it would not work. We paid the extra principle every month and it was on track to payoff in 15 years. As our income went up we ramped up our payments and paid it off in 11 years. I highly recommend Dave Ramsey also. One point that he brings up about debt including mortgage is that it frees up you salary for wealth building. Once your house is paid off you can invest the previous payment. If Mr and MS99to1 invested what you are currently paying, you would have a million dollars in seven years.
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- Ms 99to1percent says:
November 23, 2017 at 10:46 pm
Wow, congratulations on paying off your mortgage in 11 years! That’s so inspiring. Feel free to reach out through the contact form, should you want to guest post for us and let us know and our readers in detail how you were able to do it!
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- Cory Fawcett says:
January 19, 2018 at 9:47 pm
Nice article. I did this myself. I paid off $500k in less than 6 years and have had no personal debt since 2001. Wrote about it in my book The Doctors Guide to Eliminating Debt. I will vouch for debt free being a better life.
Dr. Cory S. Fawcett
Prescription for Financial SuccessReply
- Ms 99to1percent says:
January 21, 2018 at 4:18 pm
That means you have been debt free for 17 years! How cool!
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- Dash2Retire says:
February 10, 2018 at 11:57 am
I like all of your contingency plans. Nice to have options!
If you don’t mind sharing your living space, you could rent out a portion of the home which makes the mortgage interest tax deductible in Canada. That is a great option for some people and allows them to pay off the mortgage faster and claim the interest on taxes.
Reply
- Ms 99to1percent says:
February 12, 2018 at 12:08 am
Yes, we could rent out our basem*nt, but hubby does like his privacy 🙂 But we actually 1 room as an office, so we do get to deduct a portion of some of the expenses.
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- Lupa says:
March 24, 2018 at 3:39 pm
On the one hand I think 3% interest sounds amazing (ours is closer to 10%, and that’s a good rate in SA). On the other hand reading the rules around extra payments sounds like a drag. We can put cash into our homeloan whenever we want to, and take it out again, it’s totally liquid. The additional funds are counted against the principle. I guess each place has its advantages – although I’d still love a better rate!
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- Kate says:
May 5, 2018 at 2:14 pm
Thanks for your post…. we have been just paying regular payments for so very long it is embarrassing. One day I decided to make it a game…. as I like fun alot. My mortgage company allows you to pay additional principle payments every day! Each am I schedule a new little payment. This is not something that I add on to the regular payment… it is an additional $10 or $20 dollars that I just schedule for deposit asap. This has taught me to get all touchy feelly with the actual mortage online payment info. I look at the principle each day go down. I watch with anticipation each month at the statement celebrating when I see how much the monthly interest goes down. I have even searched back 4 years to see how much in interest I was paying then…. and how much less I am paying now. Then I celebrate some more! Another fun way if you are an online seller like I am… say to yourself… the next item I sell I will deposit the funds into my mortgage payment… Everything should be fun! Kate
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- stephanie says:
January 10, 2019 at 8:58 am
Hi There,
Really interesting article, we’re setting off on the same journey but here in the UK. Our mortgages are set up slightly different to those in the states, but the vast amount of interest paid over their lifetimes about the same if you don’t pay it off early 🙂
I can’t wait to see the back of it!Reply
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