How old will you be when..

[m3racer]

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...

That's a great plan.

[m3racer]

Similar story here - paid off our first house at 36 yo. Bought our second one, where we currently live, for cash.

I'm impressed.

[Wink]

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?

[DebbieL]

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.

[GREENBACK]

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?

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.

[thekid]

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.

[adam_c]

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...

Congratulations. I'm also 31. We have 10 years left on the current schedule. The house is our only debt, so we should finish before then. I wish you the best of luck.

Adam C

[melcar.group]

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.

[FrugalIII]

I'm 54 and my house has been paid off for about 12 years. I plan to stay in it until the day I die.