We’re going to be buying a house within the next year or so. As we consider taking on this additional (and large) amount of debt I’ve been doing research into how to pay it down faster. There are a lot of disputes on the wisdom of this. Many argue that mortgage debt is good debt, that money is better invested elsewhere, that we should take advantage of the tax deduction that comes with mortgage interest
However, I’ve decided that we want to pay our house off early anyway. My ultimate goal is to be totally debt free, so that everything I love is truly mine and so that I never have to face worries about where my next mortgage payment is coming form (like so many people do today!). So, I’ve been looking at different ways in which we can eliminate this debt quickly, and I have found a few different methods or theories. (more…)