Post # 1
Just curious if any of you bees have an idea at what age will your mortgage be paid off? My FI and i are both 28 right now we bought our home in 2011 and we’re crossing our fingers by the time were both 37 yrs old it will be finally paid for.
Post # 3
@Serey: It really depends. Our mortgage is just starting this month…so if we could have it paid off in 25 years, that would be great. But while I’m staying home with our baby and other future kids, it’s just not feasable to make extra payments at this time. Once our kids are in grade school, I’m hoping we can get back to full double incomes and have more expendable income.
Post # 4
@Serey: We’re both 28, engaged, but don’t live together. I live in an apartment, he lives in a new house he just built, which is paid for. He comes from a wealthy conservative family and they don’t believe in living together until after you’re married. The situation sucks. We can sleep together but not move in together? lol. It never made sense to me.
Post # 5
It’s hard to say. I’m still a student, so I don’t know what I’ll be making when I get a job, how long it will take, or how quickly my salary will rise.
We have a fixed term for 10 years with a 30 year amortization. We won’t take 30 years to pay it off. We don’t know if we’ll make extra payments or lump sums during the 10 years, since rates are low. We’d just do a big lump some when our term comes up instead. It wasn’t that long ago when saving accounts had higher interest rates! Mortgages aren’t tax deductible though.
My guess is somewhere between 15-25 years.
Post # 6
20 years from now. We just purchased.
Post # 7
Bought our house 2 years ago at 23, should have it all gone by the time we are 30. We had 45% down payment and paid off over $100k in the last two years – $190 more to go.
Post # 8
We’re definitely not the norm, but we bought our house in the summer of 2011 (I was 22, he was 24), and we’re on track to have it paid off by December 2014 (I’ll be 25, he’ll be 27).
We bought a house that was considerably less expensive than we were approved for and picked a mortgage without prepayment penalties, and we’ve paid extra on our mortgage every month since we bought the house.
We’re double-income-no-kids right now, but we want to leave ourselves the option for me to stay at home when we have kids, so we’ve always lived on just my DH’s income, and 100% of what I make goes into savings or directly into the house (plus some of his income too). The plan is to have the house paid off before we have our first baby. I CANNOT WAIT to make that last payment!
Post # 9
@Serey: If we pay it as scheduled we will be 62 and 65 🙁 My goal is to pay it off as early as possible but first I have to find a job. I have a pretty large student loan payment for the next ten years so that will slow down our loan repayment a bit.
Post # 10
We just got our home so mortgage just started. I hope it takes us no more than 25 years to pay it off
Post # 11
paid off the mortgage last year! Yayyyyyy me!
Post # 12
29 years from now, at this point, but since we pay bi-weekly on the 3x a month pay months now, it should be faster then that!
Post # 13
@Pinkmoon: Knowing your house is so similar now I’m jealous!
DH and I have multiple degrees, so we’re a little behind.
Post # 14
Never had one – current condo was bought with cash. We’ll have one whenever we find a house though.
Post # 15
We’ll be well into our 60’s. 🙁
Post # 16
At this point, we are at 15 years for our home (purchased in 2009) and 21 years for our rental property (purchased in 2012.) We bought them both at a 25 year amortization. We constantly put extra money on the mortgages though so hopefully in 10 years for our home, and maybe 15 for our condo?
It makes a huge difference to pay bi-weekly instead of monthly too!