Congratulations to Frugal Zeitgeist for paying off her NY apartment. She managed to do it in 6 years, 7 months and 3 days with no huge financial windfalls. She took the route of sacrificing a few things along the way and applying everything she could towards the mortgage. I noticed that she refinanced a couple years in to a 15 year 5.125% mortgage which also helped. As I read through her posts it was obvious to me that she has learned the art of living below her means and sticking to her personal commitments.
CONGRATULATIONS!!
I also hope to pay off our mortgage but I’m doing it a little bit differently. I chose to buy a second property and built a house on it. By paying a good price up front, doing a lot of the work myself, and paying cash as we went, I have built up a sizeable amount of equity in it. If all goes well, within 5 years I should be able to sell it and use the cash to pay off our primary mortgage. That would mean we will have paid this mortgage off in 10 years, which isn’t quite as impressive as the Frugal Zeitgeist, but since this isn’t a competition, I guess it really doesn’t matter.
Do you want to pay off your mortgage early?
(Thanks to MadameX for pointing me to the blog)

