You’re not alone if you’ve ever fantasized about paying off your mortgage early. But Mary and Ken Okoroafor actually turned every mortgage holder's dream into a reality. Find out how (and why) the London-based couple paid off their $475,000 mortgage in just seven years. 

Meet Mary and Ken Okoroafor

Mary and Ken Okoroafor are a true testament to the power of a couple who are on the same page. Even before getting married, the couple knew what they wanted out of life and didn’t waste any time creating a plan to get it. 

“When we were planning our wedding, we also created a 10-year plan,” Mary recalls. And while that plan included becoming mortgage free in 10 years, the Okoroafors ended up achieving it with three years to spare. 

What Motivated the Okoroafors’ To Go Mortgage-Free?

What makes a young couple decide to do whatever it takes to become mortgage-free as quickly as possible? The Okoroafors’ goal was fueled by a variety of shared motivations–some of which date back to their childhoods.   

“I'm a first-generation immigrant to the UK,” Ken explains. “Mary was born to immigrant parents. So, [one] motivation for paying this mortgage off was seeing our parents struggle and, over time, almost become slaves to the mortgage in a weird way.”

Ken and Mary decided early on that they wouldn’t let a mortgage trap them in jobs they didn’t love until they were 65. For them, achieving mortgage freedom has led to the freedom to work because they want to, not because they have to. 

Paying off their mortgage early has also made it a lot easier for the Okoroafors to achieve their goal of financial independence. “When you don't have the mortgage cost any longer, it's much easier and cheaper to maintain your lifestyle and be financially independent,” Mary says. 

Then, of course, there’s the mental freedom that comes with never having to worry about a mortgage payment. “It brings the type of peace that people can never really explain in words, and you need to experience it yourself to be able to explain it,” Ken says. 

The Power of Making Mortgage Overpayments

One strategy that Ken and Mary used to pay off their mortgage early was paying more than the minimum on each payment. Not only did it help them shorten their mortgage term, but it ended up saving them a lot of money. 

“We conservatively saved an excess of over $131,000 in future interest costs just by making those overpayments,” Mary reveals. Essentially, the faster you pay off your mortgage, the less time it has to compound interest. 

“Imagine you've got a person who has a mortgage of, let's say, $325,000 over 25 years with an average interest rate of 5%,” Ken says. “When you overpay by a certain amount, it has a different impact in terms of interest savings, as well as time that it wipes off the mortgage.”

If the homeowner in question overpaid by $130 a month, they could save around $34,000 and wipe three years off their mortgage. If they overpaid by $650 per month, however, they could save $108,000 in interest and become mortgage-free ten years earlier. 

Run the numbers with our mortgage payoff calculator yourself to see the Okoroafor's advice in action.

More Strategies For Paying Off Your Mortgage Early 

While making overpayments was a big part of the Okoroafors’ journey, it wasn’t the only strategy they relied on. 

Mary says that the next trick up the couple’s sleeve was living off of one income. This allowed them to put more extra money into overpayments and invest the rest in the stock market. 

Ken and Mary also stayed on the lookout for extra revenue streams that could help them wipe out their mortgage faster. Whether it meant using their existing skills or learning new ones, taking on side hustles was a foundational part of their mortgage freedom plan. 

In the meantime, they also pursued opportunities for career development. After completing an executive MBA at Cambridge University, Ken was able to work his way up to Chief Financial Officer for a venture capital business. As his income rose, so did his ability to contribute even more money to pay off the mortgage. 

Small Changes With Big Impact

As Ken and Mary explain, paying off your mortgage early doesn’t come down to large financial moves alone. It’s also about making a series of small lifestyle changes that add up to a larger overall impact. 

For instance, the couple made the decision to downgrade from two cars to one. And they didn’t stop there–they proceeded to trade in their remaining gas guzzler for a Nissan Leaf, But the trade paid off and took their auto costs from $65 a week to just $40 a month. 

They also stuck to a strict food budget. Mary admits that, at first, the idea of feeding a family of four on $65/week sounded ridiculous. But a combination of shopping at cheaper stores and opting for store-brand food allowed the family to save a ton of money while maintaining a healthy lifestyle. 

And while the couple didn’t cut out things like travel completely, they did start planning much further ahead. “We were very mindful and planned our travels intentionally, at least 12 months ahead,” Ken says, “Which meant saving properly for that travel to happen.”

Last but not least, Ken and Mary point out the importance of choosing your home’s location wisely. While the Okoroafors are based in London, they were able to get a much better price on a home in a commuter town. Not only did this help them achieve mortgage freedom much faster, but their home has since doubled in value. 

The Pay-Off of a Mortgage-Free Life

What does it feel like to make your last mortgage payment? As Ken admits, it takes a while for the whole thing to really sink in. But once it does, the benefits of mortgage-freedom can be life-changing. 

For Ken and Mary, the greatest benefit of living mortgage-free has been the ability to be there for their kids. When Ken was working, he’d typically leave the house at 7:30 am and arrive home at 7:30 pm–on a good day. Now he works from 9 am to 3 pm, four days a week.

“I'm happier, I'm less stressed, I'm buzzing a lot more. I love what I'm doing,” Ken says. “I'm available for my wife, I'm available for my kids, I'm available for myself. I get to do the school run, I get to do all the things that I used to dream of doing.”

For Ken and Mary, mortgage freedom has been a lot more than becoming financially free. They now have the time to be there for their kids, whether it means attending school events or traveling as a family. “Whatever it is, I show up,” Ken says, “And that is priceless. 

Mary and Ken Okoroafor’s Lives After Mortgage

These days, Mary and Ken Okoroafor spend their time helping others achieve the same financial freedom that’s enhanced their own lives. 

They recently released the Sunday Times bestselling book Financial Joy , which breaks down a 10-week plan for getting out of debt, growing wealth, and unlocking financial freedom. Be sure you also follow them on their blog The Humble Penny or check out their YouTube channel! 

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