1. Hi Penny! Yes!! Money is so much more than numbers. I love how you’re paying just a little bit more each month. Even if it won’t dramatically change the timeline it helps change the way you feel about it. We have also been talking a lot about our mortgage in this house and are going to actually clear the last 35k from the bank. There are numerous reasons for this. The biggest is actually job loss. If I were to lose my job, we’d be able to survive 100% on Mrs. Gov’s salary if our house was paid off. Knowing that I wouldn’t need to find another job again soon (or maybe at all!) if I were to lose my job is a huge piece of mind. (But also- it’s still the same 35k sitting in investments or paid to the bank, but somehow one feels so much better than the other).

  2. Sherrie Nicholson

    I think you’re wise, there are more uncertainties coming right now. The economy could go through a lot of changes this year. We decided to not pay extra on our (low-interest) mortgage but add extra to pay off some needed home remodeling that we had to finance. New roof! We are paying lots extra on that, have paid off all credit cards but have stopped adding to savings until the roof is paid off. We will focus on adding to the mortgage payments after that. Thats the plan that helps me sleep at night!

  3. This is a very inspirational, yet highly sensible, decision. Cash for coping with an unpaid leave is an excellent reason to pause the extra payments! You’re still going to achieve a major financial milestone at a VERY young age.

    I’m looking at the end of paying off my debt and it’s so hard to stick to the plan and not pull the trigger with savings & face the uncertainty. But I also know that I sleep better with a slightly larger cushion than certain gurus from Tennessee suggest during the paydown phase.

  4. I have to renew my commitment to focus more on investing than on mortgage payoff every single year. Maybe even every quarter because I loathe debt so much but even with two good salaries, our mortgage is just too big. We can’t both aggressively pay down the mortgage AND invest enough to meet our goals. We have to pick one and only do a little of the other.

    So as much as it chafes, we have similar plans!

  5. I did the exact same thing when we were about to have our second (congratulations by the way!). I remember feeling really guilty about lowering our extra payments toward student loans and our mortgage. It’s so ridiculous to think back on it now, because we really did need that extra money since Ashley was going to be working part-time for a while after her maternity leave.

    Now that our kids are older and done with daycare, we’re back to paying off the mortgage at an even more significant rate than we were before.

  6. You are in a good place financially, and it makes more sense to have cash on hand. Having a paid off house at age 35 is super ambitious and adds unnecessary pressure. I think you will be well ahead of the pack if you pay off your mortgage by the ripe old age of 40! 🙂

  7. There’s nothing wrong with holding back from a mortgage payment. The qualitative effects of the psychological aspects of paying down a mortgage is sometimes greater than the quantitative effects of paying off the mortgage itself.

    Plus, mortgages have one of the lowest interest rates anyway.

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