New Debunked | Paying Off Your Mortgage in 5 to 7 Years

This video discusses how to pay off your mortgage in 5 to 7 years, and also corrects some of the misinformation out there that is false.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.


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  1. My wife and I paid off a 200000 mortgage in 11 years by just doing the above. We had a 70000 income and put more than the minimum into the principle. We paid off our credit cards first, lowered our interest rate on credit cards and mortgage when rates went down and put bonuses, and what we were paying in interest to the mortgage. It took discipline but in a 11 years 3 months we paid off our house.

  2. That first example he gave is absolutely insane. That would never work

  3. PeterPiper Trulite

    I thought this was about paying down your mortgage, bit all I'm hearing is about using your credit card. Makes no sense 🤣 I never carry a balance ony CC.

  4. The system works because you are borrowing your lumpsum extra mortgage payments at a cheaper actual cost (credit card / heloc) comparison to actual mortgage interest saved ( actual money not interest rate)……..if it didn't work….why don't some banks allow it?

  5. Using a HELOC is doing with Velocity Banking and paying off your mortgage faster. But again, what it really takes is large free cash flow after expenses. As you have said 3 – 2 always = 1

  6. Playing games with credit cards is for stupid people. There may be one person out of one thousand who can juggle the cards with 0% balance transfers, reward points, etc. and not get burned but the vast majority of people will slip up at some point and lose a big chunk of money doing this. Also paying off your fixed rate mortgage early when interest rates are low is not a smart move financially. That money you are putting into extra payments could go towards a mutual fund, IRA, an index fund, etc. and make a lot more than 3%. Even the most conservative investments tend to make over 5% on average. People say they feel more secure etc with the house paid off, I've never understood that I have known several elders who lost their properties due to not being able to afford the property taxes. Income is security. Reducing expenses is good and yes not having a mortgage does reduce expenses but you are still going to need income unless you can stop eating or using medical care.

  7. Lindsay Johnston

    Changing camera angle is distracting and doesn't add anything positive to the video

  8. ContrarianFire

    ah velocity banking. modern day snake oil

  9. My goal is to pay off my 30 year mortgage in 3 years. I made my first mortgage payment on 2/1/21 and am on track to have paid off 11 years when I hit the one year mark. I'm fortunate because I've done some things that have made this possible. I got rid of my car in 2008 and ride a bike everywhere including to work. This allowed me over the course of the next 9 years to pay off all my debt before buying my home. The next thing I did was buy a small home which means a much smaller mortgage as well as smaller utilities and property tax. With a small mortgage every bit of extra paid in has a bigger impact. I view most things in term of mortgage payments. When I am considering buying something I think about if it's worth a month of mortgage payments. Sometimes I chose to buy the item anyway but if I decide to not buy it, then I put the money I would have spent towards my mortgage. I'm frugal but not excessively so. I just keep very focused on my goal and know that when three years is up I'll have more money to spend without a monthly mortgage.

  10. Gretchen Mittelstaedt

    This presentation is sound in principle, but it’s been a hot minute since 30yr mortgages were 6%. Especially after you figure in that the interest paid is tax deductible, and mortgage rates are more like 3%, there are better things you can do with that extra money.

  11. Aurthor Hogan

    The real secret to saving money is "LIVE BELOW YOUR MEANS!!!!!!" Want less, live with less. You don't NEED a seven dollar Starbucks coffee. You don"t NEED unlimited data on you phone. You don't NEED a larger house, a newer car. Just one $0.89 cola from the convenience store for you and 2 children, after tax is $3. $3 everyday for a week is $21. Time four weeks most months is $84.
    52 weeks a year times $21 per week is $1092 each year for soft drinks for 3 people. A penny saved is a penny earned, thank you Ben F. Don't be GREEDY. If you feel you NEED more to make yourself feel good about yourself, you got psychological problems. LIVE BELOW YOUR MEANS.

  12. Arie Fraiser

    The opportunity costs of making early mortgage payments vs using that extra money for other investments such as stocks especially over a long period of time must be analyzed. Especially in the very low mortgage interest periods we've been experiencing. If you have a loan with a fixed interest rate of 3% or less you're essentially paying only inflation. And one other thing. A mortgage in the USA is simple interest not the compound interest as stated in this video. Stocks provide compounding returns. This to me makes it almost a no brainer to invest the extra money in stocks rather than paying down a mortgage with 3% or less interest.

  13. Roberto Skeetrech

    The richest 5% don't do stupid financing tricks, That's how they got to be in the top 5%.

  14. I know that mortgages feel like compound interest, but most mortgage loans are actually simple interest. Thank you for this content! Crazy the bad ideas floating around out there.

  15. David Powell

    "The richest 5%" probably do not carry balances on 21% credit cards.
    There are schemes presented that claim that multiple balance transfers can be kited from one credit card to another to another ad. infinitum at zero interest but I think the banks would get wise to that.

  16. People cannot compute interest and compounding. This is why so many fall for higher-rate line of credit as a way to pay the mortgage.

  17. Michael Smith

    Who pays 21% on a credit card? I've never had a credit card with more than 10-12%, although I've rarely carried a balance so I admit it may have been higher some time when I wasn't looking at it.
    edit: Also, 6% mortgage rate? Mortgage rates have been 3-4% or less during the last 10+ years, haven't they?

  18. Bill Mulvihill

    Hey, people don’t realize that their escrow payments are still there and are usually as high or higher than monthly mortgage payment.
    So that still has to be paid every month.
    If they pay off the house all that money is locked up in the house and if they need it, they have to sell the house to get it.
    Where can you borrow money for 3% these days, except for a home mortgage?
    Get a 30 year mortgage and maintain liquidity!

  19. Richard Rivera

    I paid my $225,000 mortgage in 6 and a half years making double monthly payments. One straight to principle and the other just regular interés plus principle. Plus once a year my tax return will put it all as principle payment. It’s been the best investment I made. Now I have a ton of leftover money which I’m rolling by maxing out my 401k. It can be done but it requires discipline

  20. There might be an economical turmoil but there is no doubt that this is still the best time to invest.

  21. Good info & well presented! I spent 40+ years in accounting & mortgage finance. I have watched on YouTube several of these pay off your mortgage in rapid years type of presentations. Most are (as you pointed out) not reality. They really have no idea what they are talking about. I hate seeing so many people getting not just bad info, but false info. I show my clients the power of adding just $25 a month can take ~18 months off the length on a 30 year mtg. Add $100 a month and you'll take ~ 5 years off. (based on a 30 yr fixed @3.5% on $200k ). Also by adding $25 per month in yr 1 and another $25 per year every year for 5 years ( take small steps) you eliminate a fair number of years as well. Continue if you can but make your dent in the beginnings.

  22. Friends often asked me should they get a 15 or 30 year mortgage, I often suggested a 30 and pay it as a 10 or 15 year. If they hit hard times they can always fall back to the 30 temporarily avoiding loosing the house if they can’t maintain the 10 or 15 year mortgage. Interest is a little higher but they have a safety net.

  23. You didn’t do a heloc loan

  24. What is the goal of a presenter that touts a "fake" method of paying off your mortgage early? Are they receiving income from people paying to attend seminars? Are they trying to identify the suckers that don't understand finance so that they can take their money with some other scheme?

  25. I've seen the same video and can honestly say that the woman promoting this lunacy is clueless and the number of people who comment on the video seem to be as well.

  26. Aries Energy

    My mortgage is smaller so I'm paying a payment and a half each month. The result is amazing…

  27. I paid off my mortgage in one year, but that is just me. I just didn't have enough cash at the beginning.

  28. Let’s talk about paying a mortgage payment before you buy a home. Save up and have that massive down!! That’s what we are doing! 😇

  29. I watched a demo like this but it also used a HELOC in the scheme. When I called them out on their numbers they tried saying it was the difference between simple interest on the card and HELOC and amortized interest on the mortgage. I told them interest is interest and there is no difference other than compounding the simple interest which they failed to do. I paid every two weeks and paid extra on them and then after being totally out of debt put everything left over at the end of the month towards the principle and paid my house off in 9 years while still putting 20% in retirement accounts. Best thing I ever did as my monthly cash flow is huge now.

  30. 1+1 is always 2. Depending upon the economic situation paying of a loan can actually hurt you if you could put the money to work earning a return greater than the interest you're paying. Credit Cards are the pathway to defeat, financially.

  31. Paid our only credit card off and using themoney to pay down mortgage and small home equity, both around 4% interest. The end is nearing, in several years.

  32. Holy Ramsey!

  33. I used a couple 0% cards to
    pay off my mortgage. Using anything but 0% card to do this is crazy.

  34. Globe Trotting

    Thanks for this information. People can find a smaller credit union in their area and convert their mortgage into a 15 year with much lower interest rates, plus waved closing costs. A couple of my friends did this and got their closings waved through a fast refinance, with a 2.75 APR. No appraisal, either. It only took them 15 days to close their new 15 year mortgage.

  35. If you think making extra payments on a 3% mortgage saves you a lot of money, try doing the math on what those extra payments would do if invested in an appreciating asset at 9-10% per year instead! You’ll have a lot more wealth in 15 years, and you’d be able to pay your house off even sooner! Although you may not want to when you realize how much wealth you’d be sacrificing by doing so!

  36. It gets harder later in the loan since it’s mostly principal. I paid a lump sum of $73000 to finish my mortgage. This saved 8 years of payments

  37. I used to believe it was important to pay off your mortgage before retirement, now I'm convinced it's potentially a terrible idea.

    Consider that a house is a very non-liquid asset. That is, you pay it, and that money simply goes to the bank. Also consider that you have 2.5 to 3.0 percent loan with 15 years to payoff. Any money that you put into that mortgage that is only 2.5% is money that you could have invested in the market that generally has been on average paying back 7-10% over the past decade.

    Now before you say "Yes, but the market went down some years, and the answer is "of course", but it always recovers. And with inflation running at 6% currently at at 1-2% typically, you're much better off stretching out that 2-3% loan as long as possible

    Instead, take that money that you would put paying off that 2-3% loan and put it into something that will pay you 6-7% annually, continue to pay down your mortgage with dollars that are worth less and less, and at the end of 10-15 years, you'll have far more money in the bank and you'll look at that mortgage as virtually nothing in 5-10 years.

  38. I guess the end game means defaulting on your credit card and your mortgage at the same time. What a disaster.

  39. I also used a starter home. No one buys a cheap first home anymore. I fixed it up, and since it had a small payment I paid it off in 6 years ( I was making $14 an hour) sold it for double what I paid and put that down on a nice $160k ranch and paid it off in 4 years by paying an extra $500 or so a month. After I had paid off my first house being in debt gives me the willies.

  40. The amortization process has to be in the top 5 most important things that is taught in schools. Do not sleep through that topic.

  41. Paying off a 21% credit card is an emergency.

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