What's your timeline for paying off your home? DH is obsessed with paying off our house in the next 5 - 10 years. I personally don't mind going the full term of the loan.
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DH is also obsessed with paying off our house within 10 years. Our second/inv home within 10 as well.
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We have about 10 years left on ours. We have a 30 year mortgage we started about 5 years ago but we have been paying almost double since the beginning. Our goal is to have the house paid off before M starts middle school so we can look at our options then. We don't like having debt, any type of it.
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We are in the process of selling our starter home and buying our "forever" home. We'd like to pay it off early but that will probably only equate to a few years, nothing significant (I voted 20-30 years). However, I have an investment property that I'm dying to pay off within the next 5-10 years so that will just be $$ in the bank!!
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Our current home we plan on paying off in the next year or so. We've lived here for just over 4 years. Our plan is to then keep this home as an investment/rental property and move to a bigger home.
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Prob 20 years? Maybe faster after the kids are in school.
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@mrsjyw: Same! We owe a lot less on our investment property and he wants to get that paid off as well.
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Its not very feasible in our area to pay off a mortgage that quickly. Also, DH pointed out that you can often make more investing that money, since mortgages are generally at pretty low interest rates.
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@pui: That's awesome!!!
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24 years? We are happy with our 25 year amortization, and 7 months in currently. We were in a hurry to pay down our last house, but this one it's just not feasible, and money is more important in other places right now.
I have total envy for anyone who can do it sooner! It is an unreal accomplishment and something to be very proud of in terms of being mortgage free!
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We paid off our home in January. It was a big priority for us to do so. I do not like debt.
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I plan on selling ours before it's paid off XD
We bought a fixer upper in a neighborhood that's about to get its schools re-accreditted. We'll probably only be there 5-8 years before we sell.
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@MrsH: That's awesome!!! congrats!!
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@Mrs.Someone: I agree! We have a 30 year loan, so 30 years for us. If I can make 6-8% investing our money, then it makes no sense to payoff our 4.5% fixed rate mortgage. We would actually be losing money by putting that into our mortgage.
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We are in the process of looking for our forever home, so we will pay off our current home when we sell it... I will be in NO hurry to pay off our forever home mortgage. Interest rates are very low right now and I would rather use the extra money for other things (i.e., investing in retirement and college and wedding funds).
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We just bought it last year and we def want to pay it off in 10-15 years! It is an interest free loan from my parents, so we feel even more pressured to pay it off ASAP
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@septca: ditto!! Our rate is so low, not point, plus we aren't in our forever home.
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I am obsessed with getting out of debt, period... Currently attacking 300K + in student loans and after that will put all that $ toward the mortgage. Started with a 10 year timeline on the student loans, so I have 8 years left on those, hope to finish the mortgage 5 years after that.
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@septca: @Smurfette: I agree 100%. I have no issues with a mortgage, it's "good debt."
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In 29 years
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Well we plan to move in the next few years, and then we don't plan to buy another house for a few more years after that, so no payoff goals.
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We probably won't pay off this house before moving and buying something else.
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We make extra payments so we will pay it off early, but given the low interest rate, I would rather take the money and add to our other investments, which have been giving us good returns.
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@snowjewelz: us too.
@littlek: thanks. It was a really good feeling so I understand where your DH is coming from.
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My husband is also obsessed with paying off our mortgage ASAP. We started with a 30 year mortgage when we bought our house 5.5 years and with our current payment plan we're down to 8 years.
I posted yesterday about an amazing house I found and was very interested in but that DH refused to consider....his main reason was that he doesn't want to increase our amortization period at all. I told him that I think that's a somewhat unrealistic goal. I'm all for paying off our mortgage as quickly as we can, but we had originally only planned to stay in this house for 5-7 years and we'd have to seriously delay upgrading in order to maintain the amortization...something I'm not willing to do.
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We have a 30 year mortgage, and will likely just pay it off as scheduled if we stay here that long (undecided, this certainly COULD be our forever home). When we first got this house we had more debt, student loans + 2 car payments + we were planning a wedding. We paid the wedding in cash then started paying extra on the car loans to pay those off faster. Got those paid off and now we're aggressively putting money into various savings accounts to build up a good emergency fund, car fund for our next car, and regular savings. Once we meet our savings goals we'll start being more aggressive about paying down our student loans (which we're already paying off more aggressively than "necessary"). Only after we were totally happy with our savings and had our student loans paid off would we consider putting extra towards our mortgage.
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The plan is to pay off ours within 3-4 years. DH hates having any kind of debt.
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We were originally very motivated to pay off our home early, but after some research, decided that it was not in our best financial interest to do so and plan to use the entire 30 year term to pay it off. We got a very low rate (3.375%) and the money we put in to investments has a greater return than that so that's what we do instead. Also, with inflation and a fixed rate, it should only get easier and easier to manage. The amount owed to the mortgage is essentially worth less and less with time, so there's no point in putting more of "todays" money toward it.
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I would love to just live on my husband's salary and throw what I make at our mortgage, but he's not too keen on that idea. I want to talk to him about it though, at least as a way to bolster our savings and make him more comfortable with going back to school one day.
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We have no plans in paying this one off, we are just hoping to break close to even since we have been underwater for most of the time we have owned it.
This is our starter home, so we hope to move into something more permanent in several years and will probably only pay that one off 5 or so years early with extra payments. I'd rather make more investments to max out our retirement that can grow for us at a better rate and take our time paying off a house.
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We don't plan to. I have absolutely no desire to live in the house we own now until it's paid off (in 28.5 years!)
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We saved and paid cash for ours. We hate debt and having to pay any interest.
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We just sold our starter home that was a 15 yr mortgage, and put that towards the down payment for our new home. There's a 30 year mortgage on it, and I don't plan on expediting the pay off.
For our two farms, I'd like to pay off one of them in the next 5 years because I'm paying down the principal amount aggressively. It'll also help reduce our debt-to-income ratio.
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About 18 years
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We have 22 years left on our 30-year mortgage but hope to be out of this house SOON!!!
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We plan on selling ours before paying it off, but our forever home I hope to have paid off in 20 years, so we are debt free for our older years.
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We plan to buy a new home in the next few months so....not for awhile
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I think we're at about 11 or 12 years left on our mortgage. We refied from a 30 year to a 15 year year a few years ago. That felt really good!
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25 years for our primary home...though it would be lovely to pay it off sooner. We have 21 years for our property that we rent out.
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We paid for ours outright, so I voted 'other'
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54 comments