A few calculations have shown me that if we work hard, then we will be Mortgage free in a year. This is extremely exciting and it has motivated me to work even harder to try to earn every penny that I can towards it. Whether we choose to pay off the mortgage in a years time, will depend on interest rates and whether we feel the money will make us a better return invested than paying off the loan. Basically we need to calculate the difference between our mortgage interest which is £62 and our return on our investment. Currently that is in premium bonds and the return is variable. This month we won £150 and last month £25 and the month before £75. On average that is £83 a month, which means we are getting back more form that investment than we would save on the mortgage interest if we pay it back. However, there are other considerations as well. Releasing that burden of a mortgage will be great and if interest rates rise, our tracker rate will rise and that will mean we will need to have a bigger return on the investment. We also need to consider that if we pay back the mortgage and leave ourselves no savings, we will have nothing to fall back on should we need it. If we needed a new white good, new car or my husband finds himself out of work, we could be in big trouble. The decision is something I am continuously thinking about but just getting to the situation where I am in the position to be able to make the decision as to whether to pay it off is very exciting.