For most people it is unfathomable to consider paying off a mortgage early -- I applaud your goal. We all wish it to be true, but few put into practice practical ways to reduce this kind of debt. We are conditioned to think that carrying a mortgage for 30 or 40 years is what Americans do -- even at the cost of ridiculous interest premiums.

May we inquire as to how many years it is from now that you have to accomplish this goal? What methods and practices do you have in place to ensure that you will meet your goal? How will you stay motiviated in the face of personal transformation and challenge?

Peace and Light,
Teri Johnson
Spiritual Life Coach
Guiding You Into Authenticity with Grace

Sure, I'll bite. I turn 40 about 8-1/2 years from now. When we refinanced, we took on a 30-year mortgage with the expectation of paying it off like it was a 15-year mortgage. I use an automatic bill paying service and the money's built into our budget.

All of this said, we're on track right now to have it paid off by the time I'm 43. We'll need to earn more, or spend less, to hit my goal.

Alan,

Maybe you already know this...re you making your automatic payments every 30 days (like most people) or twice a month? Its the power of compound interest. Take whatever amount you pay monthly, and instead pay the same amount, but half on first of the month, and other half on 15th of the month. You can get your bank to set-up automatic deposit for each transaction. I can't remember the exact numbers, but it will save you thousands of dollars on a 30 year mortgage and get you closer to your goal. I learned this tip from David Bach, a prolific financial advise guru, with a dozen books and PBS special.

Michael Margolis
CEO and founder, THIRSTY-FISH
www.thirsty-fish.com

sure makes us 50ish guys feel like losers!

My mortagage rate is 4.635 percent and mortgage interest is tax deductable. I am earning 5.38 percent on money in a CD at the bank. It could benefit many folks to hang on to that mortgage just as long as possible.

there are 2 real trains of thought on paying off a house. One like Bill says, he has money in a cd, it makes more then his intrest, so he will be making money in the long run. then the other train of thought, pay off the house and not worry abotu that debt ever again, now you have more per month to spend as you are older (or invest if you are a smart cookie) without having to worry about that house payment. Generaly i think it comes down to what your goal is... being debt free is a hell of a goal, and that means paying off the house before time, and owing no one anythign when you retire... :) (and don't feel bad Wbwnson, i'm a little older then him and have no house at all, let alone one to pay off:))