By skyforbes Rough numbers:
-Bought in 2017 for ~$720, 000,
-First mortgage for ~$450,000. (yes we rented and saved a long time).
-Rate was 2.7% fixed for 5y, budgeted that one income could pay it (~2k a month)
-Made a number of bigger lump sum payments with money squirrelled away, got principal down to $215, 000 at renewal.
-Renewed at variable just as rates were going up, but we wanted this as it was a mortgage with no penalties for ending or payments.
-Got spooked when it got ~6% and locked in at 5.6%.
-Took out some TFSA to take the sting out of the high rate.
-Made extra lump sums here and there.
-Decided I just wanted it done before Christmas so accelerated the monthly payments so today would be the last day.
I calculated I paid ~$56k in interest to borrow $450k over 8 years.
House appreciated approx $350k.
I am sure with a crystal ball I could have made more by investing those lump sums and dragging this good debt along, but I'll sleep well tonight knowing the house is mine and now there is a single entity I owe a cent to.
Not looking for congrats, advice, or votes, just wanted to share the journey of someone who chose this path as I see it get asked.
Happy Sunday!