When will your home be paid off?

**Russ** · 10-14-2010, 07:40 AM

My wife and I *should* have our home paid in full in about 8 years. We will both be 58 y/o.
At that time, we will continue to make that payment to our savings accounts.

When do you expect to have your home paid for?

**TheRootedNomad** · 10-14-2010, 07:48 AM

This keeps changing for us as we excellerate our payments and then slack off. If we don't pay anything extra we are currently looking at just under 6 years. We're shooting for 3 or under which would make me 42 and Charlie getting ready to turn 40.

**Russ** · 10-14-2010, 07:54 AM

Originally Posted by TheRootedNomad

This keeps changing for us as we excellerate our payments and then slack off. If we don't pay anything extra we are currently looking at just under 6 years. We're shooting for 3 or under which would make me 42 and Charlie getting ready to turn 40.

I based my estimate on no extra payments. I won't be disappointed this way.

**daylily** · 10-14-2010, 08:13 AM

Our home is paid off. We never had a mortgage.

We started building in 2001, paying as we go. We are still not finished! We still need to finish all the wood trim including some window and door trim, guttering, back deck, lots of painting of the woodwork that is installed, etc. The only thing we hired someone else to do was pour the concrete floor in the basement. DH wasn't physically able to do that due to his work injury. Two Thanksgiving days, we had family and friends come and help us. Once we built and put up walls and another one, we put on the roof. (The shingles, etc. We already had the house dried in). In the past DH and DS have helped hundreds of people in many ways and friends/family considered this payback time

Sure helped us out. DD's FIL came and stayed several weeks with us at different times and helped. One BIL came every day and helped us lay the foundation and basement wall blocks.

Sorry to ramble on but just wanted to explain why we have no mortgage.

**stinkbug** · 10-14-2010, 08:47 AM

About 8 years. We refied to a 15 year this spring, but I am on excellerated pay off....I will be 60 and dh will be 56. Any windfalls we get before then (bonuses, etc) will go towards an earlier pay off.

**frugal is fun** · 10-14-2010, 08:56 AM

I have 29 years left so if I make no extra payments, I'll be 69.

My "hope" is to have it paid off by the time I'm 60. I'm not making any extra payments yet but once I get my EF fully funded I'm going to start putting extra towards it.

**frugalwarrior2** · 10-14-2010, 09:55 AM

Dec. 2013 if no extra payments but I have been doubling the second mortgage anyway. So sick of debt.

**Greebo** · 10-14-2010, 09:57 AM

The new job will allow us to pay our 30 yr as a 15, so for now I'm saying, "no more than 15 years".

**monkeywrangler71** · 10-14-2010, 10:03 AM

I have a 25 year mortgage and have made one payment to date. So, if we make no extra payments it will be paid off in 2035, I will be 64. I have no intention of doing that though.

Our first extra payment goes on tomorrow, I hope to have it paid off in 8-10 years.

**erinalexmom** · 10-14-2010, 10:32 AM

If we make no extra payments (which I hope we will be able to make extra payments one day) then it will be paid off in 15 years and I will be 48 years old. Not too bad!

It will paid off the year my daughter starts college so we know where those housepayments will be defered to

**Mom2-3** · 10-14-2010, 12:25 PM

Oh dear! I don't want to think about the whole mortgage right now. We just celebrate every $1000 gone. BABY STEPS! lol

**LuLuBleen** · 10-14-2010, 01:18 PM

We paid ours off in March of 2009 (I was 42). We bought with a 30-year mortgage in January of 2000 and refinanced for a 15-yr mortgage in 2002.

So, it took us seven years to pay off a fifteen year mortgage.

It was difficult (making double payments), but very much worth it.

**Emjo** · 10-14-2010, 03:49 PM

Ha! We just closed on our first place in June with a 30 yr mortgage (doing weekly payments though, so it's actually 26 yrs). So...June 2036 I guess? Other than doing weekly payments to accelerate, it's not a priority right now.

**hippytreehugger4ever** · 10-14-2010, 03:53 PM

Oh lordy, we just bought our house last year and will hopefully have it payed off in 20 instead of 30. If we manage to pay it off in 20 years I'll be 43 and DH would be 48.

**Telephus44** · 10-14-2010, 03:55 PM

We took out a 30 year in 2009, so would be 2039 (I will be 61). We are making some extra payments now, and while I am a PF nerd, I'm not nerdy enough to know exactly when it will be paid off. Probably sometime around 2030 (I'll be 52). Plan is to pay it off before the children move out (right now DS is 4) so we can either sell it (or rent it out, depending on what the situation looks like) and build our cave house. We plan on retiring in the cave house.