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03-10-2009, 07:40 PM
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Current Age = 38
Payoff age = 46 if I only pay the required amount for the next 7 years and 10 months. The last two months I have been sending in payments that if I keep it up, the house will be paid off in 30 months. I know it's not always the smartest thing to pay off the mortgage but I think we may be in a situation in the near future where we will permanently go to a one-income household. 
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03-10-2009, 11:01 PM
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I will be taking out my first mortgage loan within the next 3 months on a home that is currently being built.
I am 30 now, so if I stayed in the home for 30yrs, which is not likely at this point, I would be 60 at pay off if I didnt increase payments. Once my other debt is paid off in a couple of year I hope to be able to pay an additional 25-50% per month on the loan. If I decided to stay in this house, and was able to pay an additional 25% a month on the loan, then I would have it paid off in 18 years. If I could pay 50% more, then it would paid off in 13 years. So 48 or 43 respectively.
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03-11-2009, 03:32 AM
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i am 21 and DF is 28, we just bought a house. we got a 30 year term so with no extra payments we will have paid it off when i am 51 and he is 58.
but with extra payments we would hope to have it paid off by the time i am 34 and DF is 41. (or less! you never know!)
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03-11-2009, 06:24 AM
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We paid off our mortgage in January, and my husband and I are both 46. Beyond words is how we feel about it all!
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03-11-2009, 06:50 AM
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Good thread idea!
Current ages: 32 and 45 Payoff ages at current rate of payment: 45 and 58 Original loan term was 20 years, but we're about 19 months ahead right now because of a couple of early lump-sum prepayments. Also, I have always paid a little bit extra each month, usually around $50. If we didn't prepay, house would be paid off around the time DS goes to college. If we stayed here we'd probably start paying it more aggressively and would have it paid off in about half that time, but we're planning to move soon. We are going to get a 30 year mortgage to keep fixed expenses low, and plan to try to pay it off by the time my spouse is 65 (10 years early).
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03-11-2009, 09:45 AM
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I'll turn 37 later this month. If all goes well, we should be able to pay off the house in 4 years- so when I'm 41 and DH is 42.
Several years ago I set a goal of doing the final payoff on 12/12/12- that seemed like fun until I learned that's the day the world ends... oh well, I guess I'll feel like a real schmuck for paying off the mortgage instead of having lots of fun. 
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03-11-2009, 10:13 AM
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Quote:
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03-11-2009, 10:21 AM
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38 wife will be 36. We bought our house this year but pay an extra $500 each month (our payment is $650).
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03-11-2009, 10:22 AM
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38 wife will be 36. We bought our house this year but pay an extra $500 each month (our payment is $650)
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03-11-2009, 12:07 PM
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03-11-2009, 01:58 PM
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I'm wondering, for those of you who have been able to pay off your homes before age 50 or so, did you fully fund your retirement accounts and then use any additional money to pay off your homes? Or did you really aggressively pay off the mortgage first, then plan to fund retirement accounts? Or was it a mixed bag so to speak, some $$ to retirement accounts and some to paying off the house early?
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03-11-2009, 03:21 PM
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Also, it would make a huge difference what price houses are where you live. Where I am they are average over $500k - and incomes are not high here either
 I'll be lucky to even buy my first home by 40 (in 2 years). I would take a 25 year mortgage, and hopefully be able to pay it off sooner than that (there's no tax write-off for mortgage interest here in Canada). If houses were ,say $100k here, I would have already bought and paid in full for one. I wish.
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03-11-2009, 03:34 PM
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Quote:
I think you may want to start a new thread with your questions. Good thoughts. I haven't paid my house off because of investing but could have by now.
__________________
"Those who can't remember the past are condemmed to repeat it".- George Santayana.
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03-16-2009, 02:48 PM
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Fiancee and I bought a house for 350K$ last year. She paid her half cash (she has a bit of money) and I took out a 95K$ loan for my half. I had that extra 95K$, but most of it was in registered retirement savings and I didn't touch that.
I have that 95K$ loan on a 20 year amortization, so I'll be done when I'm 50. I'm making substantial prepayments though, so I should realistically be done in 7-10 years (so when I'm 37-40). Basically, I don't know if the age at which you are mortgage free has much impact. It's much more my global net worth that I keep in mind.
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03-16-2009, 06:59 PM
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Quote:
Adam C
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03-16-2009, 07:18 PM
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Wow, really impressive.
My Fiance and I purchased our home recently, and if we stick to our plan, we will be mortgage free by the time we are 51.
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