Another $1,200 extra principle payment for my mortgage! Only $64,800 to go until job freedom! That's the day when I no longer have to work to support my mortgage. I will be free to work less hours, change to a more enjoyable job regardless of pay, and pursue my passions! 4 years and 8 months left of my plan if I only contribute an extra $400 a month and move back in for all but one month a year. But any extra rent payments will knock months off the end of my payment plan. If I rent the house out for 3 years straight and continue to pay $1,200 each month towards the principle, I can have the mortgage paid off in 3 1/2 years. I think that is the quickest version of my plan. I have a spreadsheet with every scenario I can imagine including selling anything I can get my hands on to speed up the plan and using my emergency fund but I think I shouldn't stretch my money too thin. I wouldn't want to get in to financial trouble just before I pay off the house. I need my safety net.
I love watching my mortgage shrink. I am very glad I decided to payoff my mortgage instead of investing the money right now. Watching interest rates is too stressful. After my mortgage is paid off, then I will worry about investing. I'll either continue to rent out the house and live on the rental income or sell the house if the market is good and invest the money, using the interest to support myself. I have plenty of time to decide. 4 years and 8 months or less!
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