How much longer to pay on your mortgage?

**Katybird** · 01-15-2005, 07:46 AM

My first mortgage payment comes out of the my account today. So I guess I have 20 years minus 1 month now

.

**seadream** · 01-15-2005, 09:12 AM

28 years but I hope to have it paid off before that as I always send in extra every month

**mommy2many** · 01-15-2005, 09:27 AM

We paid cash for our home. We were able to move from another part of the country where the housing market was alot higher and we walked away with enough money to pay cash for our home here. What a blessing.

**gkp1031** · 01-15-2005, 04:23 PM

I wish I had a mortgage to pay!! Hopefully by spring we'll find a house

When you paid extra on the principal, how much extra were you paying or did you pay whatever you could and it varied from month to month?

**Early Bird** · 01-15-2005, 04:24 PM

First mortgage: 28 years and 2 months.
Second mortgage: about 12 years. But, I pay about $75 extra principle each month on the 2nd mortgage...and last year, we got a nice tax return; I was able to put $2000 toward the 2nd mortgage.

Did I ever mention that we live in an expensive housing area?
(That's sarcasm; I gripe about it all the time.)

If I can convince DH to put 2nd mortgage payment toward the 1st mortgage, when we clear the 2nd, I'll be thrilled.

**simplemom** · 01-15-2005, 04:33 PM

We finished paying it last august. It took us 13 years.

**mom2matty** · 01-15-2005, 11:32 PM

We have been in our house for 17 years....paid the mortgage off in 15 years!

**Peaches** · 01-16-2005, 03:44 AM

Originally posted by PrairieRose
We paid our mortgage off early using the snowball method. If anyone has any questions regarding this I would be happy to 'splain.

Yes please!

We have a current account mortage, which means that our mortgage, checking and savings are all linked. We dump everything into this one account (don't worry, we do have a separate emergency account elsewhere!) and we earn the same interest on our savings and checking that we pay on our mortgage (which is about 5 1/4%). The money that we save offsets the money that we owe. If we stick to our plan, we could have our house paid off in 6 years (even though the term is 15). However, if we could pay it off even EARLIER, that would be fab!

**MarshHen** · 01-18-2005, 11:15 AM

We do have a mortgage on a second home, but we are putting it up for sale the June.

We sold the house we lived in two years ago and bought a used mobile home to live in while building a house here on the property. We paid off this property about 4 years ago. We are building the new home ourselves and will use this years tax refund and money from the sale of the second home. Hopefully, we won't have to finance much of the building costs. We have a sawmill and will cut our own lumber, and we will trade cut lumber and backhoe work for services from friends who are licensed plumbers, electricians, and carpenters.

**AmyBoz** · 01-18-2005, 08:59 PM

Yeah, well, we lost our minds and moved over the summer, so I'm right back to 29 years again!

However, we're paying a little extra each month in the hopes of getting it down a bit earlier. When we pay off some other debts, we'll apply more toward the mortgage.

**crdurham** · 01-18-2005, 09:18 PM

We have 29 years left but hope to pay it off sooner with extra payments.

**justmeD** · 01-18-2005, 10:53 PM

I paid it off the first time, then we added an addition and besides that we have a vehicle that needs to be sold which balance is on my Home Equity Line of Credit...I WILL pay it off this year. We have about 34300.00 left on it, I can NOT let it go over this year. LOL
IT 's my debt phobia kicking in.