Fourteen months ago, I set a crazy goal to pay off my mortgage early by selling on eBay and other platforms!
Since starting, I’ve paid down $16, 843.31 just from flipping thrift store items (mostly clothes) on eBay and Poshmark during nap time.
Keep reading to see how I’ve done it and how you can do it too!
(Affiliate link disclosure: this post may contain affiliate links through which I may make a small percentage from if you purchase. This is at no additional cost to you. Thanks for supporting me!)
Progress On Early Mortgage Payoff
I started this project when my loan was at $102,847.39!
At the end of Month 14 of Project Mortgage Payoff, I am down to $78,444.96.
That’s a total of $24,402.43 paid down in 14 months.
And $16,843.31 has come just from selling thrift store items on platforms like eBay and Poshmark!
Paying Off Your Mortgage Early
If you’re a Dave Ramsey fan, you might know paying off the mortgage early is Baby Step 6.
This is the step after basically all the other steps have been completed:
- Having an emergency fund
- Paying off all debt but the house
- Saving for retirement
- Saving for college
Paying off your mortgage is not something you want to do if you don’t have an emergency fund or haven’t paid off other debt.
And you certainly don’t want to payoff your house in lieu of saving for retirement.
So Why Payoff Your Mortgage Early?
Once you’ve completed all the baby steps up to step #6, the only thing standing between you and complete financial freedom is the mortgage.
Here are some reasons you might want to payoff your mortgage early:
- Save money on interest
- Become truly debt free
- Have increased equity
Once your mortgage is paid off, you are truly financially free!
Some Easy Ways To Pay Off Your Mortgage Early
Here are some easy ways to pay off your mortgage early:
Pay 1/2 payment every two weeks
Paying every two weeks over a 52 week year, results in 26 half payments, or 13 full payments. This is one more full payment than if you would have paid one full payment once a month. This option works well if you get paid every two weeks.
If interest rates have dropped since you first purchased your home, you may benefit from refinancing. With a lower interest rate, you may be able to do a 15-year mortgage for the same monthly payment.
Pretend You Have A 15-Year Mortgage
If you are able to pay additional each month, figure out how much your payment would be with a 15-year mortgage. Then pay that additional amount every month towards principle.
Extra Cash Towards Principle
Put any unexpected cash that comes in toward your mortgage. Just make sure it goes to principle only and not towards your regular payment. Here’s some ideas for where unexpected cash might come from:
- Tax return
- Credit card rebate
- Birthday or Christmas money
- Refunds on medical payments
Start A Side Hustle
Making some extra cash can help you pay down your mortgage fast. Again, put this money towards your principle.
Reseller Side Hustle
A few years ago I didn’t know it was possible to make money by flipping thrift store items online. I had no idea that thousands of people even make a full-time income from it!
While reselling is a nap time side hustle for me, it does allow me to bring in a good chunk of income every month even as a stay-at-home mom.
You can find my actual income reports here.
To date, I’ve made over $45,000 just by selling on eBay during nap time!
Knowing Your "Why"
If you’re interested in starting your reseller side hustle, the most important part is knowing your “why.”
Maybe you want to be able to:
- Pay for your kid’s swim lessons
- Fund a deserved date night
- Pay for the vacation you’ve been dreaming of
- Pay off a school loan
- Pay off credit card debt
- Pay off a car loan
Once you know your “why,” it’s easy to keep going.
Over the years my “why” has changed:
- Pay for preschool
- Pay for private school
- Max out my annual IRA contribution
Currently, my “why” is paying off my mortgage (in addition to still maxing out my IRA contribution).
Tracking Your Goals
This is the goal chart I use (that I created):
My Reselling Game Plan
Here’s my game plan for reselling:
The best part is, money comes in every day of the year whether I’m working, sleeping or even on vacation!
The Best Things To Resell
Knowing what kinds of items you can sell, and more importantly, the best things to resell, is half the battle.
These posts cover what kinds of things you can sell:
How And Where To Sell
Once you’ve seen all the items you can make money on, the next major part is figuring out how to sell them and make some money.
Some of the popular posts to help you out are:
Reselling is just a matter of “wash, rinse, and repeat.” Anyone can do it!
If you want ALL the details on how to make money from reselling, I’ve put together a FREE 5-Day Course called “Reseller Bootcamp.”
You can sign up and get the course delivered in bite-sized pieces straight to your inbox.
- What kinds of items you can flip.
- The best places to sell to maximize your profits.
- 6 keys to taking professional looking photos.
- The 5 components to every great listing.
- How to turn flipping into a steady and reliable income.
This Month's Mortgage Payoff Details
Here is the breakdown of numbers for this month:
|Loan Amount (beginning of month)||$80,634.90|
|Principle Paid Off From Regular Payment||-$524.85|
|Principle Paid Off From Reselling||-$1665.09|
|Loan Amount (end of month)||$78,444.96|
Previous month’s breakdowns can be found at the bottom of this post.
Thanks For Joining Me!
I hope this is just the start of an amazing reselling journey for you.
And that you can use it to become financially free!
Additional Info About Paying Off My Mortgage Early
Why Do You Share Your Mortgage Info?
“Why do you share your actual mortgage payoff amount?” you make be asking? Two reasons:
- To give you an idea of what’s possible. Your goal may be different than mine and that’s okay. It’s just nice to have a big goal to work towards.
- To make myself accountable. The money I earn from reselling is primarily going towards extra principle payments to pay off my mortgage early. If I share the amount with the world, I am bound to stick with my goal. I will complete it if the world is watching.
The Details About My Mortgage:
- 30-year fixed
- 4.3750% interest rate
- $160,000 original loan amount
- Loan mature date: Feb 1, 2039
- We’ve put additional extra principle on the loan as extra money (tax returns, credit card rewards, etc) has come in and will continue to do so. The amounts are noted separately from my reselling money.
- The official start date of my goal to use my reselling money towards extra principle is August 2019.
- The loan amount at the beginning of August 2019 (when I started my goal) was: $102,847.39
Previous Month's Mortgage Progress
|Loan Amount (beginning of month)||$94,493.81|
|Principle Paid Off From Regular Payment||-$474.32|
|Principle Paid Off From Reselling||-$831.65|
|Loan Amount (end of month)||$93,187.84|
|Loan Amount (beginning of month)||$93,187.84|
|Principle Paid Off From Regular Payment||-$479.08|
|Principle Paid Off From Reselling||-$1,093.32|
|Loan Amount (end of month)||$91,615.44|
|Loan Amount (beginning of month)||$91,615.44|
|Principle Paid Off From Regular Payment||-$480.83|
|Principle Paid Off From Reselling||-$1,290.24|
|Unexpected Overpayment Check on Medical Bill||-$48.96
|Loan Amount (end of month)||$89,795.41|
|Loan Amount (beginning of month)||$89,795.41|
|Principle Paid Off From Regular Payment||-$491.50|
|Principle Paid Off From Reselling||-$12.80|
|Loan Amount (end of month)||$89,291.11|
|Loan Amount (beginning of month)||$89,291.11|
|Principle Paid Off From Regular Payment||-$499.28|
|Principle Paid Off From Reselling||-$556.78|
|Principle Paid Off From Reselling Last Month||-$1,190.90|
|Principle Paid Off From Tax Refund||-$1644|
|Loan Amount (end of month)||$85,400.15|
|Loan Amount (beginning of month)||$85,400.15|
|Principle Paid Off From Regular Payment||-$507.48|
|Principle Paid Off From Reselling||-$811.66|
|Loan Amount (end of month)||$84,081.01|
|Loan Amount (beginning of month)||$84,081.01|
|Principle Paid Off From Regular Payment||-$512.28|
|Principle Paid Off From Reselling||-$687.85|
|Loan Amount (end of month)||$82,880.88|
|Loan Amount (beginning of month)||$82,880.88|
|Principle Paid Off From Regular Payment||-$516.82|
|Principle Paid Off From Reselling||-$1729.16|
|Loan Amount (end of month)||$80, 634.90|