How this couple paid off their $195,000 mortgage in under 4 years
Taking 30 years to pay off your home is a fairly standard practice for many Americans.
And it’s easy to see why.
The average homeowner in the U.S. owes more than $215,000 on their mortgage, according to data from Experian.
Andy and Nicole Hill bought their dream home just outside of Detroit at the end of 2013.
But they felt that being locked into a mortgage for the next 15 to 30 years would limit some of their life goals, so they came to an agreement: They would pay the house off in under five years.
The Hills, both 37, made their first payment on the $195,000 mortgage in January 2014 and their final payment in November 2017.
To stay on track, the couple and their two kids made saving money a family event by hosting regular budget parties to eat pizza and plan out their monthly budgets.
Check out this video to see exactly how the couple budgeted their money, other techniques they used and what they plan to do next.