In Holland, many people have a 30-year mortgage and like to keep it that way, because of the tax advantages. So why would I want to pay off mine early? For a number of reasons:
1. We can't afford to keep it. If something happens to one of us, chances are that we won't be able to make our monthly payments > problem
2. It's a debt with a LOT of interest
3. It's a debt that makes us bank-dependent
4. If we don't we'll pay €2000 a month for 30 years (assuming that the interest does not get any higher) and after those 30 years, we'll still be stuck with a €200,000 debt
However, I must confess that it is hard to make extra payments. Things come up and small payments don't really seem to add up. To motivate myself, I've started with 52 Goals for 2012, but I also take a lot of time to read other blogs/stories to find inspiration.
How do you keep yourself motivated to achieve large goals?
I just like to see the number going down, that's how I stay motivated!
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