I had made some extra payments over time,
We bought a really nice house in a mature neighborhood. Classy little 2-story brick English cottage. It needed upgrades, which limited how much the sellers could ask. Great bones, nice setting on the corner of two sleepy streets. Got it for a ridiculously inexpensive price. Classy-looking little joint.
From Payment Number One, we
always paid more than the monthly- and we'd always pay the extra
to reduce the amount owed on principle. 30 year fixed. At a time when banks and S&L's were pushing variable-rates like crazy.
Some months, we could only afford to dump 10-20 bucks of the principle toward the future. Some weeks, we were able to dump another hundred or more.
We paid the house off in 20 years + one month.
It was the most incredible feeling I experienced that year. It was almost as if the actual physical weight of that house was taken off my shoulders.
Congratulations, Y.
It's a fun club that just gave you your membership card.