Can You Pay Your Mortgage Off by Your 40s?

 Many people don’t think that it’s possible to pay off loans and mortgages until they’re in their 50s or even after they retire, but it’s completely possible to become mortgage-free in your golden years. Paying off your mortgage in your 40s lets you save the money you’ll earn later for a retirement account, letting you enjoy life more as you advance in age.

There are many real-life stories online shared by people who were able to repay their 30-year mortgages in less than 10 years, letting them save thousands of pounds in interest. These people now have an opportunity to achieve other goals, such as investing in other properties, set aside money for their kids’ college tuition fees, and even travel the world.

A lot of work–and sacrifice

The moment you get a taste of earning money, you also put yourself in a situation where you’ll be tempted to spend on a lot of things, including those you don’t need. This is how you find yourself in debt, and to get yourself out of debt you’ll have to work harder, curb spending on unnecessary things and be frugal when it comes to spending on things you do need.

It takes a lot of work and a lot of sacrifices to accelerate loan repayments, but if you want to pay your mortgage off as soon as possible, you’ll have to be disciplined and keep your eye on the prize: becoming debt-free in your 40s.

Enjoying your retirement

For many, their mortgage is their biggest expense, which they continue to pay for even after they’ve stopped earning. This means many retirees still spend thousands of pounds a year in mortgage payments even as their income winds down. This is no way to spend your retirement years when all you should be doing is enjoying life to the utmost.

Mortgage-paying tips

To pay off your mortgage as soon as you can, consider these tips.

Round up your monthly mortgage payment – this means paying a little more than what you have to, but it also means being able to pay off your mortgage in less time. It will also let you lower the total amount of interest, giving you savings that can go toward your retirement fund.

Make an extra payment – If you can’t quite pay the rounded-up cost for your monthly payments, consider making an extra payment at the end of the year instead. For instance, if you get a holiday bonus and use this to make an additional one-month payment for your mortgage, you reduce the length of the mortgage and save in interest.

Paying off your mortgage in your 40s provides you with an increase and flexibility in your cash flow later on, plus it will reduce stress, save money on interest, simplify your financial planning and give you financial freedom overall. While it does come at the expense of consumption or spending on stuff you want, the tradeoff is worth it once you know you don’t have any outstanding debt obligations and your house is truly and completely yours.