If you’re wondering if you should pay off your mortgage faster, same here pals—and that’s not something I ever thought I would say.
For the first two years that we had our house, I considered paying off your mortgage early to be one of those super-extreme personal finance tasks I didn’t want to tackle. The goal seemed too big, and the payoffs too abstract, so I decided that paying off our mortgage faster wasn’t for me.
However, there are a lot of people in the personal finance world who have escaped their mortgage years or decades ahead of schedule, including my friend Andrew. He and his wife paid off their mortgage in 6 years, even with two kids in tow, and they’re using their newfound cash flow and freedom to do some amazing things, like a four-week vacation to Hawaii to celebrate Andrew’s 40th birthday.
That’s right—he’s not even 40 and they’re mortgage-free.
To help other people (like you and me!) do the same, Andrew recently launched the Mortgage Free Master Plan. It’s a workbook, quick start guide, and comprehensive spreadsheet to walk you through everything you need to make a mortgage payoff plan that works with your life, and saves you buckets of interest at the same time.
He sent me a copy to review for you guys, and honestly, it was pretty eye-opening. Read on to find out more about my experience—and why I’m now considering a mortgage payoff plan of our own.
Note: Andrew, the creator of the Mortgage Free Master Plan, gave me a free copy to try out for this review. Based on my experience, I signed up to be an affiliate, so this review does contain affiliate links! If the MFMP is right for you and you buy it through these links, I’ll get a small commission at no cost to you.
- What is the Mortgage Free Master Plan?
- Who can use the Mortgage Free Master Plan?
- Who should use the Mortgage Free Master Plan?
- What’s the experience like?
- What should you do after using the Mortgage Free Master Plan?
- What’s the best part about the Mortgage Free Master Plan?
- What’s the worst part about the Mortgage Free Master Plan?
- How much does the Mortgage Free Master Plan cost?
- Bottom line: Do I recommend the Mortgage Free Master Plan?
What is the Mortgage Free Master Plan?
The Mortgage Free Master Plan is a digital product that includes a 38-page comprehensive guide that walks you through the benefits and the detailed how-tos of paying off your mortgage early. It also includes a quick-start guide if you want to dive right into the calculations, and a detailed spreadsheet to help you really get a handle on the numbers—and see how much interest you can save by adding even small prepayments to your mortgage.
Who can use the Mortgage Free Master Plan?
Anyone! The product is digital, so you can buy and download it anytime, and start using it right away.
Who should use the Mortgage Free Master Plan?
I mean, first of all, the Mortgage Free Master Plan is going to be most useful if you have a mortgage. If you don’t yet have a house, or you’re not imminently about to purchase one, there are likely more useful calculations and planning steps you should be taking. Secondly, the information is probably most relevant and applicable to North America, since Andrew’s experience isn’t worldwide (and mortgage structures and rules might differ based on where you are!)
But if you’re a homeowner who has a mortgage in the US or Canada, this is likely a great fit for you—even if, like me, you’re not 100% convinced early mortgage payments are something you want to pursue.
What’s the experience like?
I’ll admit, having been in the personal finance space for a while and seeing some Very Extreme Stories about mortgage repayments, I was sceptical. I agreed to take a look thinking that there was no way I’d want to think about prepaying our mortgage, since everything I had read about it to date seemed really extreme.
But when I popped open the PDF guide, I was pleasantly surprised. Andrew’s approach to the topic made it all feel very reasonable and approachable, which is my One True Criteria for anything about money: I don’t enjoy or recommend things that are overly complicated or make me feel like an idiot for not following their recommendations.
I ended up messaging him halfway through the guide,
I mean, as I said before, four week Hawaii trip! That would make a pretty great family vacation, you know?
What should you do after using the Mortgage Free Master Plan?
It’s one thing to put numbers into a spreadsheet—it’s another thing to actually make changes in your day to day life and stick to the plan.
If you decide to start paying more towards your mortgage, the best thing you can do is to take action while you’re still motivated—and if now is the right time for you to take action. I first worked through the MFMP right before Christmas, and staring down parties and gifts and hosting expenses was not exactly what I’d call “the right time” to decide to throw some extra money towards our mortgage.
But it was the right time to do some of Andrew’s recommended prep work to understand our mortgage and our prepayment privileges, all of which he walks through in detail in the plan, so I did that instead. Now I’ve got all the information I need when we are ready to add small extra payments to our mortgage.
What’s the best part about the Mortgage Free Master Plan?
Mortgages are a goal I know from experience most people don’t tackle for a few reasons—and I know because they were my reasons.
- It’s too much money to really make a dent in it.
- It’s too complicated a financial product—better just stick to the plan.
The thing is, that first reason is actually why paying extra on your mortgage can make such an impact. Since you’re paying interest on a large amount of money, even small changes made early on can compound into some pretty nice savings over time.
The best part of MFMP is that it makes the benefits of making even small prepayments on your mortgage crystal-clear, and makes the whole process seem far less intimidating if it’s something you’re interested in.
What’s the worst part about the Mortgage Free Master Plan?
Paying off your mortgage is only one of the many financial goals you need to balance in your life, and it’s important to remember that the MFMP is entirely focused on helping you with one goal—not all of them.
Looking at the amount of interest you can save on your mortgage might be a great incentive to start adding prepayments, but it’s really important not to forget the benefits and importance of other goals in your life.
Saving for retirement, saving an emergency fund, paying down higher-interest-rate debt, and other priorities shouldn’t be changed or given up to focus entirely on your mortgage in my opinion, and while Andrew suggests focusing on lifestyle changes to find extra money, I think it would be easy to get excited about your new mortgage prepayment goals to the exclusion of some others after completing the plan.
Basically, just please don’t stop saving for retirement to tackle your mortgage, and consider your mortgage goal in the context of everything else you’re saving for, from your emergency fund to your kids’ RESPs if you have them. This is less a reflection on the MFMP, and more a reflection on how exciting it can be to put the numbers into a spreadsheet and see the savings you could get.
How much does the Mortgage Free Master Plan cost?
You can buy a copy of the Mortgage Free Master Plan for $47USD, and you get immediate access to everything you need to start planning. Once you have it, you can pull up the documents and the spreadsheet whenever you’re ready to revisit your plan or make adjustments.
Bottom line: Do I recommend the Mortgage Free Master Plan?
Surprisingly, I really do.
As I said a few times in this review, I wasn’t expecting this to be something that was a fit for me, or something that made me excited about potentially getting rid of our mortgage earlier. However, Andrew has done a really good job of making “early mortgage freedom” feel like something that’s achievable even for normal people like me who don’t want to give up everything else to make it happen.
And if you’re wondering if the plan convinced me to take the next steps and actually pay more towards our mortgage? It didn’t, but only for personal reasons. The plan helped me understand our mortgage and the impact prepayments could have, but in the context of our other existing goals—retirement, short-term savings, and some debt repayment—it wasn’t one of our
In the future, when some of those goals are handled? Who knows 😉