Today we have a FABULOUS guest post about paying off your mortgage. If you haven’t noticed, I am SO SICK of my mortgage. On my September plan update post, I expressed my disdain of my mortgage balance and Mustard Seed Money wrote the greatest comment about paying off his mortgage. I basically begged him to write this post. By way of introduction, Mustard Seed Money works for the federal government as an accountant and is on the way to financial independence in just a few years! When he’s not inspiring my comment section, he shares amazing wisdom over at Mustard Seed Money. And now, his thoughts:
Paying off my mortgage was the best thing that I ever did in my financial life. In the beginning, I thought of my mortgage as a necessary evil. I was pretty grateful to get a 15-year mortgage with an incredibly low 3.5% interest rate, when I purchased my home in 2004.
All of the financial pundits at the time were encouraging people to take advantage of the low interest rates and to use any excess money towards the stock market. Meanwhile, I was considering whether I should pay off my mortgage or invest any leftover money.
I knew in my head that putting the money in the stock market was probably the smartest move, but my heart wouldn’t let me do it. Every month though, it was gut-wrenching for me to see half my paycheck go towards the house.