Paying Off Mortgage Early By Selling On eBay (2024)

Twenty months ago, I set a crazy goal to pay off my mortgage early by selling on eBay and other platforms like Poshmark and Mercari!

Since starting, I’ve paid down $35,584.35 ($24,717.72 just from flipping thrift store items on eBay, Poshmark and Mercari during nap time!)

Keep reading to see how I’ve done it and how you can do it too!

(Affiliate link disclosure: this post may contain affiliate links through which I may make a small percentage from if you purchase. This is at no additional cost to you. Thanks for supporting me!)

I started this project when my loan was at $102,847.39!

At the end of Month 20 of Project Mortgage Payoff, I am down to $67,263.04.

That’s a total of $35,584.35 paid down in 20 months.

If you’re a Dave Ramsey fan, you might know paying off the mortgage early is Baby Step 6.

This is the step after basically all the other steps have been completed:

• Having an emergency fund
• Paying off all debt but the house
• Saving for retirement
• Saving for college

Paying off your mortgage is not something you want to do if you don’t have an emergency fund or haven’t paid off other debt.

And you certainly don’t want to payoff your house in lieu of saving for retirement.

Once you’ve completed all the baby steps up to step #6, the only thing standing between you and complete financial freedom is the mortgage.

Here are some reasons you might want to payoff your mortgage early:

• Save money on interest
• Become truly debt free
• Have increased equity

Here are some easy ways to pay off your mortgage early:

Pay 1/2 payment every two weeks

Paying every two weeks over a 52 week year, results in 26 half payments, or 13 full payments. This is one more full payment than if you would have paid one full payment once a month. This option works well if you get paid every two weeks.

Refinance

If interest rates have dropped since you first purchased your home, you may benefit from refinancing. With a lower interest rate, you may be able to do a 15-year mortgage for the same monthly payment.

Pretend You Have A 15-Year Mortgage

If you are able to pay additional each month, figure out how much your payment would be with a 15-year mortgage. Then pay that additional amount every month towards principle.

Extra Cash Towards Principle

Put any unexpected cash that comes in toward your mortgage. Just make sure it goes to principle only and not towards your regular payment. Here’s some ideas for where unexpected cash might come from:

• Tax return
• Credit card rebate
• Birthday or Christmas money
• Refunds on medical payments

Start A Side Hustle

Making some extra cash can help you pay down your mortgage fast. Again, put this money towards your principle.

Reseller Side Hustle

A few years ago I didn’t know it was possible to make money by flipping thrift store items online. I had no idea that thousands of people even make a full-time income from it!

While reselling is a nap time side hustle for me, it does allow me to bring in a good chunk of income every month even as a stay-at-home mom.

You can find my actual income reports here.

If you’re interested in starting your reseller side hustle, the most important part is knowing your “why.”

Maybe you want to be able to:

• Pay for your kid’s swim lessons
• Fund a deserved date night
• Pay for the vacation you’ve been dreaming of
• Pay off a school loan
• Pay off credit card debt
• Pay off a car loan

Once you know your “why,” it’s easy to keep going.

Over the years my “why” has changed:

• Pay for preschool
• Pay for private school
• Max out my annual IRA contribution

Currently, my “why” is paying off my mortgage (in addition to still maxing out my IRA contribution).

• I work a couple mornings a month "sourcing." Sourcing is just a fancy name for buying things to flip.
• I photograph and list in the afternoons during nap time on weekdays only.
• Most of what I sell are not high-value items. But even so, I make $30-$40 per hour!
• I sell around 200 items a month. To do that I list about 50-60 items per week

Here is the breakdown of numbers for this month:

Previous month’s breakdowns can be found at the bottom of this post.

Interested in starting your own reselling side hustle?

Here’s the basics:

1. Source the items people want
2. Sell on high traffic platforms. My favorite is eBay.
3. Take a portion of your profits and re-invest in more inventory to flip.

If you’d like help to get started quickly, you’re gonna want to grab my Ultimate Reseller Starter Kit.
It has everything you need to launch your reselling business and hit the ground running!

I hope this is just the start of an amazing reselling journey for you.

And that you can use it to become financially free!

Make sure to grab my free brand list here:

“Why do you share your actual mortgage payoff amount?” you make be asking? Two reasons:

1. To give you an idea of what’s possible. Your goal may be different than mine and that’s okay. It’s just nice to have a big goal to work towards.
2. To make myself accountable. The money I earn from reselling is primarily going towards extra principle payments to pay off my mortgage early. If I share the amount with the world, I am bound to stick with my goal. I will complete it if the world is watching.

• 30-year fixed
• 4.3750% interest rate
• $160,000 original loan amount
• Loan mature date: Feb 1, 2039
• We’ve put additional extra principle on the loan as extra money (tax returns, credit card rewards, etc) has come in and will continue to do so. The amounts are noted separately from my reselling money.
• The official start date of my goal to use my reselling money towards extra principle is August 2019.
• The loan amount at the beginning of August 2019 (when I started my goal) was: $102,847.39