Mortgage Mania

Trav and I bought our house in 2007, when the market was through the roof. It's no secret. And we sort of knew what we were doing – or maybe we were just lucky and it turned out ok! Either way, we were ready to buy. I was tired of wasting a $1000 a month on rent...money that was essentially going down the drain. And while our mortgage is a bit more than that, at least it's going towards something of immense value. What was perhaps the smartest move on our part was paying slightly more for a house than what we planned (which sparked some uh ohs at first) in order to have a ready-to-go basement suite. We've had it rented out by people we know personally pretty much since we bought the house – and it's definitely paid for itself. In fact, our rental incomes pay for nearly two-thirds of our mortgage, which is a huge help. And it's income that we don't need to work for! Plus, our location is amazing, right between downtown and Whyte (less than five minutes to each to make work commutes relatively painless), and we're in a neighbourhood we've fallen in love with.

Now that we've got our footing and feel secure in our jobs, we're reevaluating our mortgage and what we can do to pay it off as quickly as possible with the least amount of interest possible. Trav's been busying himself during his days at his second job, poring over mortgage calculators and variable rates and our existing paperwork. What a good husband! Anyway, we did some figuring, and if we're able to double what we save a month now (which I think is doable with me picking up a second job - more on that later - and plus the wedding is over) we'll be able to pay the max amount allowed yearly and perhaps boost our monthly payments...and possibly pay it off in eight years!!! NUTS! I know it sounds crazy, and most people will think we won't do it...but I'm determined. And I'm excited. Imagine, being completely debt-free in our early thirties!!!! If that's not enough motivation, I don't know what is.

I found this article a couple of years ago, and it has fascinated me. This couple lived like paupers and hardly slept to become debt free in about three years. They had zero life. Depressing right? But is it worth it to live like that for awhile? To put you ahead? I'm not sure. In a way, Travis and I are embarking on something similar...just not near as extreme! We still plan on having some fun...I sure hope that can be done!