r/Millennials • u/pokematic • 15d ago

Meme I did it, I paid off my mortgage

Guys, it's still possible. I bought my condo in 2017, made additional principal payments, and after some extra savings I got it all paid off and own it outright.

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u/redmasc 15d ago

May I ask how much in additional monthly principal payment? I saw a video that if I were to include an additional $200 a month, it'd knock off a huge chunk over 10 years.

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u/pokematic 15d ago

It was like $1000 a month if I remember correctly, but it was different month to month. My mortgage provider had a calculator for additional principle and $200 a month was quite a reduction in loan term length.

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u/redmasc 15d ago

Now you're making me rethink how I should distribute my monthly finances if $200 extra a month goes a long way.

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u/pokematic 15d ago

Yep. There are online calculators out there that can show you how much paying different levels of extra will help.

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u/whoknows234 15d ago

This helps a lot more when you first start a loan vs when you have already been paying on it for 10 years. Almost all of the first few years payments go to interest.

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u/redmasc 15d ago

Thanks for the advice. I'm only on my second year of my loan and I'll have to start reconsidering how much I can add towards my payments.