Homeowners, when will your home be paid off?

[kenny]

... assuming you don't refinance your current loan(s).
Just pick the closest time period.

Enquiring minds ...

 

[Enerchi]

under 3 years!! Woo hoo!!

 

[movie zombie]

March 2004 took out a 30 year loan.
will be paid the end of this year......just shy of 10 years.
so given we have a mere 6 months left, I couldn't participate in the poll.

 

[VRBeauty]

About 5 years ago.

 

[Dancing Fire]

About 8 yrs ago.

 

[SB621]

We have owned our home for less then 3 years and will probably have it paid off in another 5. I'm not a big fan of debt- doesn't matter what kind so we always try to pay it off as quickly as we can.

 

[JewelFreak]

When we sold our Conn. house & moved south, I insisted we buy whatever we could pay for in cash. DH was out of work for months & months before that & I worried continually about the mortgage. I decided we'd never be in that position again; economy is so unstable. Even 10 yrs ago at the height of the boom I saw trouble coming. I've sighed with relief ever since.

--- Laurie

 

[gregchang35]

When i was single, i owned my own home. now in a domestic partnership (we cant get married in our country ), just moved home 4 months ago (for the second time and hopefully this is THE home, i hate moving!) and just starting a family with our 2nd one due 1 august... the mortgage says 30yr but i am hoping that it will be 20yrs.

 

[Sparklelu]

Well since we "just" refinanced, it's technically 30 years but since we got such a great deal we are saving $700.00 per month. We are planning on making extra payments 2-3 times a year, as we pay down other debt. after that is gone, sometime early next year, we will extra pay the mortgage more frequently. One calculator I used said 1 extra payment drops the mortgage by 3 years!! so we could conceivably be looking at 10 years or less if we go to ramen noodles and no bling!!
Can't wait.

 

[ClassyRocks]

Paid For!

 

[diamondringlover]

We have lived in our house for 20 years this Sept and we have refinanced many times...but our house will be paid off in 10 years, I doubt it will be paid off early..but I sure wished it would..once this sucker is paid off I am quitting my job and retiring...

 

[vc10um]

We purchased our home almost exactly one year ago on a 15 year mortgage.

Based on our calculations (and assuming our job situations, etc. don't change) we'll have it paid off in about 10.

 

[packrat]

Not sure. We've refinanced twice since we bought it in 2001. It was a 30 year loan then, and I *thought* when we refinanced the first time (b/c the interest rate was going up super high) we went for a 20 or 15 year loan but I can't remember now, it's been too long. So, at *least* 10 more years.

 

[yennyfire]

30 year mortgage (purchased last year) and will be paid off in 10.

 

[ruby59]

Paid for our first home almost 14 years ago. Second one we paid for in cash.

 

[movie zombie]

I see a trend: pricescopers are savvy jewelry shoppers AND don't like debt AND pay off homes early.

 

[smitcompton]

Hi,

My house was paid off 15 yrs ago. I can't think of anything better than knowing you have a place to rest your head. My expenses are now within reason so there is enough extra to have a decent retirement. I wish that for all of you. It took me 22 yrs to pay it off.


Annette

 

[NOYFB]

Seems like never, or at least not in my lifetime. I've got an underwater mortgage

 

[lyra]

Seems like never, or at least not in my lifetime. I've got an underwater mortgage

This is how I feel. But I'm sorry you actually have an underwater mortgage. Our problem has been many interruptions in employment due to the field my husband is in. He's been downsized several times, and is at a senior level. Other family members have never ever had such issues, and they've done well compared to us. You just never know how it's going to go in the very long run. I expect to move in with one of our kids one day... JK!

 

[Jennifer W]

We bought our house with cash, after selling two larger and grander properties at a good time. It's a lovely house, but fairly modest. It's small, quirky and charming, and set in its own grounds for privacy. I wouldn't swap it, and I wouldn't want a mortgage. I am happy to think small for housing, so long as it's also loveable.

 

[SB621]

I see a trend: pricescopers are savvy jewelry shoppers AND don't like debt AND pay off homes early.

But it never ends...if I'm doing my math correctly then the year we pay off the house is the same year our kids will go off to college (either same year or right after the other). You just can't win!!!

 

[yssie]

Just refinanced from a 30 to a 15! With bi-weekly payments and an extra lump sum every month it should be paid off in ~8-9. I wish we'd done it a month ago when rates were unbelievably low but I think we still did quite well - our lender wasn't the lowest around but sticking with them avoids all the transfer fees/appraisals/taxes up-front and since we don't really expect to be here in eight years we probably wouldn't appreciate the interest savings from a lower rate at another bank so...

 

[AprilBaby]

1998

 

[tyty333]

Done! We had a 15 year and paid it off early a couple of years ago. I wish everyone could do a 15 year. You can
actually see the light at the end of the tunnel not to far into it.

 

[NonieMarie]

I paid off my AZ house about 6 years ago; it is now a rental. I just bought a home here in CA. It has a 30 yr 100k mortgage. I went that way instead of paying all cash because the interest rate was so low and I still have investments that can grow. In 5 years when I start collecting my late husband's social security, I'll pay off the mortgage. Now with that said, it is not because of smart investing and saving that I am financially secure. My husband had life insurance so when he became ill and suddenly died, I was ok.

 

[Missy]

We bought our current NY home in 2004 with a 30 year mortgage and paid it off in 2008.

We sold our NJ shore house in 2008 and bought a larger shore home (did both closings the same day lol). We are planing that this shore home will be our final home when we retire. We have 13 years left on our mortgage at the shore home but we plan to have it paid in full within 7 (knock wood).

We definitely cannot retire until that mortgage is paid in full. At the time we retire our current plan involves selling our NY home and living in the NJ home full time. However, as I have learned in the last 5 years, things happen and plans change so we shall see what actually happens. This is what we hope will happen.

I'll add that I bought my very first home when I was in my 20's and single with a 30 year mortgage and paid it off within 3 years. That's the home we sold when we bought our current NY home. I don't like having any debt and it seems that many PSers share that line of thinking.

 

[Dandi]

We had our current home built in 2006 with a 30 year mortgage and will have it paid off completely in 2.5 years, so a ten year mortgage. I want to be debt free by the time we have another baby!

 

[manderz]

We purchased 9/08, just refinanced from 30 to 15 about 8 months ago, and plan to pay it off within 5-7, depending on our job situations in the next few years, and whether we decide to move on from our starter duplex. We will not sell our current home, though.

 

[TooPatient]

Bought in 2007 with higher interest rate on 30 year fixed. Refi last year (cost us nothing, no closing, no appraisal, no points) to get much lower interest rate on 30 year fixed.

If we pay just the minimum we'll be done in just under 29 years.

We have been paying a bit more than minimum even with us at just one income for now. At the rate we're going it will be paid off in about 25 years. When I finish school and start working, we'll be paying substantially more (should be able to do an extra payment every month easily) and have it paid for much sooner than that.

 

[Ally T]

We bought in 2006 with a 25 year mortgage. We are able to pay off a random lump sum once a year if we choose, so 7 years down the line we are hoping to be done in around 12 years, cutting it to a total of 19 years with luck. Yippee!