How We Paid Off $203,230 Of Debt In 66 Days And What’s Next

It may sound crazy to pay off over $200,000 of debt in just 66 days, but it is completely possible.

I know because my wife and I did it.

Now that this debt is paid off, we’re 100% debt free… for now.

It feels amazing to be completely debt free, but unfortunately we’ll soon be in debt again.

Here’s how we paid off $203,230 of debt in just 66 days and what’s next for us.

Related: How We Paid Off $80,000+ of Student Loans in Just 3 Years!

We Sold Two Houses

Paying of $203,230 is no easy feat. The only way we could make it happen was to sell both our primary residence and our rental property.

We used the proceeds pay off the mortgages on each home. We closed on both transactions within just 66 days of each other thanks to a bit of luck and a lot of hard work.

Prior to selling each house, we fixed them up and made them look pretty within reason to get the maximum sales price possible. This cost us money, but we definitely got more money out of the sales than we put into them.

Doing so also helped us find the right buyers for our homes. When homes look nice, they sell faster. In fact, the buyer of our first home saw it the first day it was on the market and the buyer of our second home saw it before it even came on the market at all.

Thankfully, when we sold the homes we got much more than we owed on the mortgages which will be important when you realize what’s coming next for us.

A Baby Is On The Way

As I’ve mentioned before, we’re expecting our first child later this year. We’re sure this is going to be expensive, so having the extra money from the home sales will be a nice buffer in our bank accounts.

We’re hoping everything goes smoothly, but you never know what will happen with kids.

Our New Home Is Under Construction

Part of having our first child involved us reevaluating our living situation. I used to swear up and down I’d never buy a bigger house just because we were having a kid, but that’s exactly what we’re doing.

When we bought our last home, we bought it with the thought of having a child down the road. What we didn’t plan on was me quitting my job and working from home. Now that I need a dedicated office, our old home would no longer work for us.

So, we decided to build our dream home. Yes, we’ll be going into debt again by taking out a mortgage in just a couple months when our home is completed. Yes, the mortgage will be bigger than our last mortgage. We’re okay with that.

While being completely debt free is nice, living in a space that we’re comfortable in is worth the sacrifice to us. I’ve thought about ways we could continue living debt free, but none of them appealed to us.

Debt Free Alternatives To Building A Home

One alternative to going into debt to build our dream home is renting. We would still have to make monthly payments similar to or more than a mortgage would cost, but we wouldn’t eventually own where we live.

We’re living in an apartment now and have quickly learned apartment living isn’t for us. We could rent a single family home, but then we wouldn’t be able to update or decorate to our tastes and it would likely cost more than building is costing us.

We could have taken the proceeds from our home to pay off our rental property and moved back in there, but we wouldn’t have felt comfortable raising a child in that area.

To top it off, we’d be losing precious space and be even more crowded than we were in our last home.

We could also have moved to a lower cost area of the country to buy a cheaper, but larger, home elsewhere. Tori could likely get a job anywhere there is a hospital because she’s a Registered Nurse and I can work from anywhere there is an internet connection.

However, we quickly ruled that out as we decided we enjoy living where we are. The only other option would be to move closer to my wife’s family, but we aren’t a huge fan of where they live and it isn’t any cheaper than where we live now.

Overall, we’re totally stoked that we’re able to be debt free, even if it is for just a short while.

It is amazing to us that we could pay off $203,230 in just 66 days, but we did it! We have a lot coming down the pipeline, but we’re excited and ready to tackle future challenges head on!

Now if our builder could just finish our house so we can get out of this apartment faster…

Have you ever paid off a massive amount of debt in a short time?

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.


  1. I’m happy for you guys! I’m one of those personal finance people that thinks a home is almost always worth the debt, especially if it’s your only debt. I’m sure this is the right decision, since it seems you’ve already went through all your options. Congrats!

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