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We are in no rush to pay off our house. We have an excellent rate, so I'm good at just paying the monthly payment. We are focusing more on my student loans since they are a much higher interest rate.
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Originally I wanted to start paying our 30 year mortgage off early, but our financial planner advised against it. Reason being because our interest rate is super low, and the estimated return we will get on our investments is a lot more, so it makes sense to funnel our extra money into our investments instead of the house payments.
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Our original loan we were on track to paying it off in 20 years, but then we refied and our rate was so low we decided to hold off on over paying for now.
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14 on a 15 yr. will be paid off sooner.
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27 years...our taxes are so high there's just no hope of doing more to pay it off. Plus our interest rate is just so low.
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29 years? The interest rate is pretty low and given how HCOL our area is the price of the property was way too high to do more than just make payments. It just doesn't make financial sense for us to do that.
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No rush, probably will take the whole 30 years to pay it off.
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However long we have left on our mortgage or when we sell it. Our rate is so low, we make more money putting it in the markets over the long term or just renting it out.
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I voted other, because we don't plan on paying it off. We're paying extra on the principal every month, so we can sell in a few years. We're going to build our forever home then!
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Our rate is in the low three %s so we're in no hurry!
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We rent. But I don't think almost anyone in my area pays off their mortgage any faster than the 30-yr repayment schedule unless they sell. When a crappy 2-bedroom apartment in my neighborhood goes for $900,000 and any not-falling-down single family homes (small ones!) start at $1.4m, no one who buys around here is doing anything but making their payments! It's an insane cost of living, though. Just saving up for the required 20% down payment when housing prices are so high is incredibly daunting!!
I am impressed at all the Bees who are paying off their mortgages so quickly! I would LOVE to get to that point and have a monthly housing cost of $0!!! But we would definitely have to move to another state to make that happen.
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I am in a hurry bc I want to be in a position to do short term jobs and frequently travel with or to LO as she gets older. With no mortgage I can see that a real possibility. We got a 30 year, 5 years ago with barely nothing down. We quickly paid it down and refi so now we have 14 years left.
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We have a 15 year mortgage, so hopefully in 14 more years!
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@stratosphere: I know exactly how you feel!
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@stratosphere: I also live in a super expensive state. Don't give up hope...if that's what you ultimately want to do. I had to get an FHA loan with barely anything down at first. Also, we got a house in an outlying (not prime but up and coming?) neighborhood that could possibly fall down one day, if we aren't careful to maintain. Just want to give you a little encouragement and hope for possibilities in case you want to stay!
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54 comments