How To Own Your Home In 15 Years (or less)

How To Own Your Home In 15 Years (or less)

Friday evening and you’re ready for some well deserved down time.

There’s no place you’d rather be than sitting in your humble abode on a cold day snuggled up next to the fireplace, a delicious warm drink in your hands and the aroma of fresh baked chocolate chip cookies permeating the air.

You’re a homeowner and you love having something to call your own. But make no mistake about it, paying on a mortgage is costing you big money!

Don’t get me wrong, I believe everyone should be so fortunate to own their home but to accomplish the task means that most of us will sign for the biggest money sucking loan in our lives.


Okay, so we know that having a house note comes with the territory of cutting your own grass and hanging blinds but what would you do if you didn’t have to make a mortgage payment each month? How much of a richer life could you live stashing that money into something else each month?

I know, I know… if it was easy you would have done it yesterday. But you know what, I can attest that it’s not as hard as you think. It just takes discipline and dedication. Before we jump into strategies I really want you to focus on the possibilities of not having a mortgage payment every month.

Here are just a few of the financial benefits that you’ll be able to enjoy without a mortgage:

  • You can build your emergency fund
  • You can begin to maximize your retirement savings
  • You can purchase that big ticket item with cash
  • You’ll have more to invest in the real estate market and earn passive income
  • You can more aggressively save for your children’s college tuition
  • You can start investing more into your business
  • You will have an plethora of options (my favorite!)


Okay… this is not an overnight achievement but it’s also not a twenty to thirty year journey. Want to know how to pay off your house in a reasonable amount of time then check out these strategies.

1. Give Yourself A Timeframe – It’s important that your goal of becoming mortgage free has a measurement of time attached to it.  Know when you would like to pay off your home and document it. Five, seven, ten, twelve years? Whatever the timeframe (I recommend that it is not over fifteen years!) then put it on paper and make the commitment.

2. Make Bi-weekly Payments – I realize this is a very common strategy that you’ve likely have heard explained but let me reiterate that it works! Making a mortgage payment during bi-weekly pay periods versus monthly is huge to your bottom line. That can add up to you making an extra payment for the end the year, an one less payment means that you pay a lot less interest.

3. Put Additional Dough On Your Payments – This strategy is a little different than bi-weekly payments but the end results are very similar.  Throwing an extra $100 per mortgage payment can make a big difference in the amortization life of the loan. Check with your lender to ensure that you can pay extra but in most cases mortgages companies will allow you to make extra payments, sometimes as much as 100%.

4. Annual Lump Sums – Some people allow the government to hold their money all year then they receive a nice tax return for their troubles. Others receive bonuses from their employer or freelance work while some will periodically receive lump payments from settlements, sale of a business, unexpected winnings, or other avenues. Whatever the case (and whatever the amount), you should consider paying annual lump sums to your mortgage.

As mentioned, paying off your mortgage early will take discipline and dedication. For a couple of years, you’ll need to throw a little more of your available cash into increasing the power of your payments. But if you are committed to eliminating that mortgage payment then you need to get serious with this option.

Oh, and if you are reading this and are not yet a home owner let this be information to prepare you for your journey. Remember, you have everything that you need. Now it’s time to cash in on you!


Shawn Dorrough – The WealthShift Strategists

Need a simple philosophy for creating Financial Freedom?  Click here to get in contact with me.

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