Why I decided to pay my mortgage off so quickly. In 8 years
I am a single, professional female with no children (SINK). I had been looking for a property since 2008 and it was all very exciting. Going to open houses, and eventually going through the purchasing process to have a place of my own at the age of 38.
Then on the 10th April 2010 came the reality of the first mortgage payment. I paid $2,052 for the month with interest at $1,708.13 This meant I had paid the bank $1,708.13 of my hard earned salary in interest. It felt like I had just set fire to my money. I know this isn’t the case, but it certainly felt like it. I knew how much the interest would be beforehand, but it was not until I made that first big interest payment that I knew what I had to do.