Deplete EF to payoff house

[skives]

Yes the extra went on principle. When I make the payment it says payment and then principal and everything extra I put in the principal section.

[bjl584]

I have no issues with you paying off the house early.
As others have said however, I probably wouldn't completely drain my EF to do it.
If taking your foot off the gas a little causes the house to be paid off 6 months to a year later, then I'd be okay with that

[scfr]

Do you both have stable jobs, and could you live on just one of your incomes (the lower one) if you had to?
When would you be able to pay off the mortgage if you maintained your EF?
Other than a desire to be debt free (which as a mortgage-free person myself I totally understand), what are the motivating factors behind wanting to pay off the mortgage?

[scfr]

Yes the extra went on principle. When I make the payment it says payment and then principal and everything extra I put in the principal section.

Sounds like you did it right. Just check to make sure they entered it correctly. Are you using a loan amortization schedule or some other way to track it?

[LivingAlmostLarge]

Why not just save up for 1 year until you have the money in a savings account and then pay it in one fell swoop? You can still mark the calendar, but just keep it then pay it off.

[crazyliblady]

As much as I applaud you for wanting to pay off your house, using your emergency savings to do that is risky. If 2020 taught us anything at all, it should have taught us that having emergency savings is essential to our survival. So, if you deplete your savings and then lose your job, how do you pay your bills like utilities, insurance, etc.?

[skives]

An update to this. We have decided not to deplete our emergency fund to payoff our house early. We did have some money above our EF that we put on our mortgage principal. Anyway 46 payments to go and we will have it paid off 10 years in.