Who here has a paid off primary residence?

[bjl584]

I have about 12.5 years left on my mortgage
Balance is just under $139K at a 4% interest rate.

[Fishindude77]

We've been paid off free and clear for probably around 20 years or more.
No debt on anything other than the routine monthly bills and taxes as they come due.

[kork13]

I did, until I moved overseas & we sold it, then reinvested the money in RELPs. We do still have my paid-off rental house, though we're looking to sell it this year (with luck, to the family currently renting it).

Not sure yet when we'll buy our next house, nor if we'll be able to buy it in cash, given how expensive homes are getting everywhere. But whenever & as soon as possible, getting to the point of owning your home with zero debt is truly an incredible place to be. A debt-free life completely changes the perspective on your income & your finances generally.

[Drake3287]

Retired at age 54 and paid off the house a year or so later, thought it would be more exciting than it was! Our payment was only something like $1,100. a month which towards the end seemed like nothing compared to when we bought the house originally. Bought it for $250k and the current value is $1M. California dollars though. I still have friends the same age as me who have refinanced their homes several times over, bad situation to be in.

[Fishindude77]

I still have friends the same age as me who have refinanced their homes several times over, bad situation to be in.

Yes, you are so right. Had a neighbor who's place adjoined ours. He sometimes bragged about how he only paid $25k originally when he bought the house. They'd done a lot of remodeling so it was worth considerably more years later but they also very obviously lived above their means; always new vehicles, sending kids to expensive colleges, lavish vacations, always the newest gadget or toy, etc.

A few years later things blow up, they divorce and file bankruptcy. Turns out they owed around $350k against the house and ground now. My brother bought the home for $67k and I bought 20 acres of ground for about for $80k from the bank.

[myrdale]

It took me 9 years to pay off $101k mortgage.

I've heard it quoted the average millionaire takes 10 years, so hopefully I'm ahead of the curve.

Paying off the mortgage was the #1 method for dialing down stress from work and life in general.

Being mortgage free allowed me to save up and basically pay cash for siding ($17k) the truck ($32ish k), max the Roth out for the past several years, chase hobbies that require some capital input (beekeeping, caving, scuba, astronomy).

[GoodLiving]

Our current home was bought in cash, we also have a cabin on 40 acres in the next state (partial inheritance and then I bought out my siblings) paid in full. I think it's been 8+ years since I've made a mortgage payment.

[LivingAlmostLarge]

Not me. My plan is to pay it off when we decide to retire. That was always our plan to target it but not before. I hate the idea of retiring with a large burn rate. And everywhere we've lived the burn rate would be high since we always owe a lot.