Here We Go...No More Mortgage!

We are sick to death of paying the bank every month for our house! We are terribly grateful for the loan to build, but now is the time for us to own it by ourselves instead of co-owning it with Wells Fargo.

Here is a picture of our dream house that we built in 2006..we moved in in January of '07.


We are very happy here with our two little boys. We have a little bit to do here and there, but we contracted this ourselves and plan to finish the little details as money and time allow. Saving money to get what we wanted was the bottom line for us.

We currently owe on a new 30 yr mortgage that we just refinanced at 5.125% through a free program from Wells Fargo. This has probably saved us more than anything else we will do in the life of this loan since we didn't have to pay anything to get the lower rate. Our original rate was 5.875% so we aren't saving a ton, but comparatively..it's fab!

Currently, our payment is $1224.79, and it is paid twice monthly through the free program for early payoff through WF..so cool. Yes, we could do this ourselves, but it is all done via the bank account, and we don't have to think about it.

Plus we have an extra $550.21 sent to principal each month. With all of this, we are on track to payoff our mortgage in about fifteen years...

If you add $650.00 to your monthly payment, you will pay off this debt in 166 payments instead of 351, and you will save 118,457.67 in interest charges. This savings translates into a guaranteed, tax-free, average annual return of 109%. And that's not even considering the emotional returns you'll get when you pay off this debt 185-months (15 years, 5 months) ahead of schedule!

but that just doesn't seem good enough..call me crazy. What would we have to do to pay it off in 10 years??