In Florida, where I lived for a few years, most of the houses are in communities, gated or otherwise.  One, in West Palm Beach, was named ‘Journey’s End’.  Whether their target audience was simply the elder end of the snowbird set, or they helped people speed the path to their maker in order to ensure consistently available housing inventory was unclear to me, but I could never go by it without a giggle.

When I moved to Sithean, I had some goals set in my head.  At the top of the list, though, was ‘Never move again’.  After 5 moves in just over 2.5 years and some serious life transitions, the kids and I needed stability and predictability above all.  While a little updating couldn’t hurt, and it was definitely in need of basic maintenance, the house has stood for 168 years, and it will almost certainly outlast me.

Most financial advice around housing presupposes that you will, at some point, move, and therefore things like market value, financial return, and renovations with an eye towards selling are 99% of the commentary.  But when you buy a house to live in for 40+ years, it changes your perspective.  All of a sudden, the things ‘the market’ might prefer don’t really matter.  That isn’t to say that one should jettison good taste, but honestly, if you like something and want to do it, ‘what will the next owner think’ isn’t an issue.  When there is a next owner, I fully intend to have become compost for my peonies.

Hopefully not very soon.

To pay off the mortgage early or not is a debate in finance circles as old as time.  It’s true you may be able to grow that money faster in stocks, which is what most financial planners would say.  Most of the frugality-focused financial folks, on the other hand, loathe debt and recommend reducing housing costs by paying off the mortgage early.

I see both points of view, but it’s my take that there are those of us who are comfortable with mortgage debt, and there are those of us for whom outsized interest payments and owing someone the roof over our heads makes our skin crawl, and you should behave according to which type of person you are.  I am, without a doubt, the latter.

I hate debt, but my decision to work towards being mortgage free also has more specific reasons.  My oldest goes to college in 9 years, and my younger child will follow her a few years later.  I want to be able to help them, and without a mortgage payment, that should be comfortably possible.  I may not have it knocked off for my daughter’s turn, but by the time my son launches, I intend to have the house owned by me, outright.  This was number 2 on my goal list when I moved here.

Today I have no idea how that happens.

Ok, I do.  You toss money at it until it’s gone.  For a time when you take on a mortgage, you pay more interest than principal.  As the mortgage matures, that situation reverses, and you pay more principal than interest.  The quicker you reduce your unpaid principal balance, the less interest you pay, and the faster you pay your house off.

But logistically, today, my plan isn’t feasible based on the calculators I have run.  I’m not even a little worried about that.  I mean, in the dark of night when I wonder how it’s all going to work out, sure.  But generally, nope, not concerned.   What I have learned over the years is that calculators are one thing.  Deciding you are going to do a thing and then working towards it is quite another.  While ephemeral determination is not something you can take to the bank, making a plan and figuring out how to get there as you go along is absolutely critical to getting what you want.

A critical rule of goal-setting – first, decide what you want to do.  Then figure out how to do it, adapting as you go.  For long-haul goals, you have time to experiment.  For this particular goal I have 1 and 3 year plans that involve all ‘found money’,  unexpected windfalls, and a percentage of income going towards it.  Once I get through the next 36 months, I should have a good sense of how much I need to modify my goals to meet my target.  Or modify my target if I must.

Most critical though, is to listen to your gut.  My gut tells me that I am at my best when setting my sights on a few big goals, with some smaller ones along the way.  I’m focused and determined, and more often than not I get where I need to be, even if the route takes longer than I had hoped.

Should you pay off your mortgage?  Only you can answer that – no one else has to live your life, not your financial planner, not the money advice columnists, no one but you.  Your inner voice should guide you on the big things, and this is no exception.  But if you do decide to, don’t worry so much if the numbers aren’t clear when you get started.

“If you can see your path laid out in front of you step by step, you know it’s not your path. Your own path you make with every step you take. That’s why it’s your path.”

― Joseph Campbell