When will your Mortgage be paid off?

posted 3 years ago in Home
Post # 3
Member
1710 posts
Bumble bee
  • Wedding: March 2013

@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
Member
32 posts
Newbee

@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
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

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
Member
1734 posts
Bumble bee
  • Wedding: March 1998

20 years from now. We just purchased.

Post # 7
Member
10748 posts
Sugar Beekeeper
  • Wedding: February 2014

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
Member
813 posts
Busy bee
  • Wedding: June 2010

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
Member
673 posts
Busy bee
  • Wedding: February 2013

@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
Member
5285 posts
Bee Keeper
  • Wedding: April 2013

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
Member
42469 posts
Honey Beekeeper
  • Wedding: November 1999

paid off the mortgage last year! Yayyyyyy me!

Post # 12
Member
1611 posts
Bumble bee
  • Wedding: May 2013

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
Member
10489 posts
Sugar Beekeeper
  • Wedding: January 2011

@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
Member
3476 posts
Sugar bee
  • Wedding: May 2012

Never had one – current condo was bought with cash.  We’ll have one whenever we find a house though.

Post # 15
Member
5087 posts
Bee Keeper
  • Wedding: April 2014

We’ll be well into our 60’s. 🙁 

Post # 16
Member
4147 posts
Honey bee
  • Wedding: October 2011

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!

 

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