The Mortgage Monster

Yesterday our family spent three hours building this:


(The Lego monstrosity, I mean, not the other sculpture – that’s a Tenyoh creation. And while we’re at it, the painting is a Micah Bloom original.)

Now I think this is a pretty amazing creation we made together, but to be perfectly honest, I don’t really like having it featured so prominently in my otherwise minimally-decorated dining room.

But I’m going to have to live with it for a while – roughly 3.5 years according to our current financial forecast. And having it right in front of my face every day was exactly my plan when we sat down to construct it yesterday.

The idea for this Lego masterpiece came from a post at thegracebook. Theirs was a “debt tower” symbolizing student loans and credit card debt as well as a mortgage, while ours only represents our mortgage – each brick/doodad represents $100 of the principal owed on our house loan. So I’m calling it the mortgage monster. Every time we pay off $100 of our mortgage, we remove a brick, until the monster is completely gone.

We paid off a previous mortgage and bought a house for cash back in what feels like another life, in another town, before the housing crash, when our kids were very small. That lower cost of living allowed us to work less than full-time and be home more often with our kids, all four of us together, during those preschool years.

Then we had a big dream to move to Colorado, found work here, rented a house for a year, and then bought a house in 2014. Here the housing market is booming, while housing prices back in Minnesota where we sold our house still hadn’t recovered, so we took a big loss and basically ended up back where we started before we achieved mortgage freedom.

Which, we gratefully acknowledge, is where many people wish they could be – our only debt being our mortgage. But having lived without a mortgage once, I know how freeing it is and am eager to get there again. As much as I love reading early retirement blogs like Mr. Money Mustache and Frugalwoods, our own age/stage in life and earning potential doesn’t put us in a position to anticipate considerably-early retirement (maybe we could fully retire by age 55 or 60), but as soon as we are mortgage-free, we are free to go back to the “semi-retired” life we lived while the kids were small.

Which, just as we experienced the first mortgage-free time around, gives us more freedom to work and play together as a family, commit to some bigger things in our community, try new pursuits, work on interesting projects . . .

All of which we are doing in smaller measure right now even as we live a much more typical American family lifestyle (weekdays, each of us heads off in a different direction between jobs and school) – because while long-term dreams are vital, the present moment is all we are given, and we may as well make the very best of life right this minute!

While I wouldn’t have wished to be working towards paying off a mortgage a second time, I’m finding that this time around is a great opportunity for our kids to be involved in the process. They were babies the first time we paid off our mortgage. Now, we are engaged as a family, and this is some valuable real-life education!



About Julia Bloom

singer of songs, lover of words, asker of questions, runner of miles, mother of Lu&Si, darlin' of Nathan
This entry was posted in house, lifestyle, parenting and tagged , , . Bookmark the permalink.

3 Responses to The Mortgage Monster

  1. rdregge says:

    Thank you, Julia. You have been a dear encouragement these last few years, and your story is one that gives me lasting hope. I especially like your point that long-term vision doesn’t mean sacrificing the fullness of the present moment. Good on ya for subjecting yourself to that monstrosity (and of course I mean that in the best possible way). May its destruction be swift!

    • rdregge says:

      Oh, and five of my siblings just bought a house together in SE Denver last month, so I have heard all about the crazy housing market there!

      • Julia Bloom says:

        Well, the encouragement has been mutual, I assure you! It always helps to hear other people’s stories and from time to time to hear updates and read little windows into lives lived well. I really enjoy your blog and wish you continued good living on the prairie!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s