You’ve paid off all non-mortgage debt, saved a full emergency fund, are investing for retirement, and even saving for your kids’ college. Now it’s time for the next big milestone: paying off your home early.
Why This Step Matters
Imagine what life would feel like with no mortgage payment. No debt. Just freedom.
Baby Step 6 is all about eliminating your biggest remaining debt: your mortgage. When your home is paid off, your income is fully yours to build wealth, give generously, and live with financial peace.
What Does “Early” Mean?
With intentional focus, many people pay off their home in 10 years or less. It’s not a fantasy--it’s what millionaires do. You’ve already built financial discipline through the previous Baby Steps, and now you can use that same focus to tackle your mortgage.
How to Get Started
Continue budgeting and tracking every dollar.
Apply any extra margin, bonuses, raises, or side hustle income directly toward your mortgage principal.
Consider refinancing only if it shortens your term or significantly lowers your interest rate.
The Road to Baby Steps Millionaire
Paying off your home early is a major step toward becoming a Baby Steps Millionaire. With no debt and no house payment, your ability to build wealth and give generously goes into overdrive.
With EveryDollar, you can stay on track by setting goals, tracking progress, and staying motivated along the way.
Next: Baby Step 7, build wealth and give like no one else.