How old will you be when..

[Wink]

your house is paid off? Let's just assume that you will be staying in your current home with your current mortgage.

I have been having some discussions with friends lately who want to refi, but are considering 30 year terms. Some of them would be in their 70's before thier home is paid off!

I'll be 58 when paid in full.

[arthurb999]

45 max. I would be paid off by then on my current plan and that assumes my income is fixed at what it is now.

By 45 no debt... period. I'm 31 now...

[Snodog]

In 12 years when I'll be 52 and my wife 49.

We could pay it off in a couple of years but we would sooner fund roth IRA's and max out 401K. It helps that our loan is thru my dad so we can take a little extra risk this way. Not to mention the tax advantages of doing it this way. Plus I think the stock market will do well over the next 12 years.

[simpleyme]

I was 25 when my first house was paid for (bought at 18 I still own it)
this house will be paid off in 2 years I will be 39( I bought it when I was32)

[GREENBACK]

If I don't accelerate payments I'll be 52 when paid in full( 8 yrs.). I'm so close and wouldn't get a lot from a refi now so I'm staying the course.

[blankcheck]

56 with no acceleration.

Hopefully much earlier with accelerated payments once I get the chance.

[jIM_Ohio]

53 or 54 is the current plan with extra payments
the note will be paid in full at age 62 if I did nothing to help the cause

[tripods68]

65years old. With accelaration payment we'll pay it off when i'm 55.

[Caoineag]

42 years old, hubby will be 40. I am 27 now.

[Ima saver]

Bought my first house at age 21. I got it paid off when I was 32. Moved to new house and paid cash. (husband built it) Moved again and paid cash again. No house payments for 32 years!

[disneysteve]

If I don't pay extra, I'd be about 63. That is not the plan, though. I currently pay an extra $100/month. That will knock off a few years (I haven't run the numbers to figure out exactly how much time that saves). I will probably increase the extra payments at some point. I'd like to be done around 55.

[MonkeyMama]

IF we never prepay a dime, we will be 61 when our home is paid. Our goal is to pay off by age 45 - 50.

ETA: We just refied 30 years, but making our old (extremely reasonable/low) payment would pay it off in 23 years; shaving off 2 years since we were already 5 years in. No brainer. Certainly no intention to keep it 30 years from today.

[cptacek]

We only owe $3000 on our house! Yeah! We pay $300 a month, so by the end of the year, it will be paid off. Of course, we owe $203,500 on land, so mortgages are in our future for quite a while...

[srblanco7]

At current rate 57 or thereabouts. Was working on a plan to accel that by a few years so the house would be paid off before the DD goes off to College.

Actually, I have (or perhaps it's now had - I haven't checked in a few months) enough invested in non-retirement accounts to pay off the mortgage. The current state of the market has made me question the wisdom of my decision to invest instead of paying off the mortgage.

[Jazzmint98]

I just did a refi last year going from a 30 yr to 15 yr term. I will be 55 if I don't add anything to the principal, but I plan on doing that once the car & student loans are paid off.