How long will it take you to pay off your house?

**ironmaiden** · 01-24-2006, 01:02 PM

What's the term on your mortgage?

And have you refinanced?

So what's the total number of years you expect to need to pay off your currrent house?

And have you moved - so what's the total number of years that you've paid into non-rental housing. Meaning if you've traded up, you could have paid for 10 years into one house and then started a new 30 year mortage for a total of 40 years?

**Jerseygirl** · 01-24-2006, 01:11 PM

We bought the house 4 years ago with a 15 year loan, if we keep going as we are it will be paid off in 10 years total.

**SewCrafty** · 01-24-2006, 01:16 PM

First home we have purchased, bought in 1988 on a 30 yr loan, then refinanced for a lower percentage rate in 1998 for 15 years. Should be paid off in October this year. So a total of 18 years.

**peanut** · 01-24-2006, 01:44 PM

We bought our first house in the fall of 1987. We moved once. We'll pay out our mortgage this year, God willing. That's 19 years...on one salary.

We stick to 1 year terms. We originally had 5 year term and got stuck in some bad interest payments. Now we stick close to the going rate with 1 year terms.

Our amortization period on both mortgages was 25 years. I argued with dh on this with the second one and lost. He felt we could only afford a 25 year mortgage. We lost 7 years of mortgage free living by moving. And we bought and sold houses of comparable price. I don't recommend people move once they buy a house.

Jean

**homesteadmamma** · 01-24-2006, 01:49 PM

We rented most of our homes until 1988. We bought a home with a 25 year mortgage. We sold it in 2001 and we now have no mortgage. We paid cash for our present home.

If we decide to sell it and move, we won't ever go into another mortgage payment. It will be cash only, otherwise we will stay right where we are. I love not having a mortgage payment.

**forestdale** · 01-24-2006, 01:54 PM

We paid our mortgage off in 8 years.

**Katybird** · 01-24-2006, 02:42 PM

We have a 20 year note, hopefully it will be paid off in 15 years or less.

**jlxian** · 01-24-2006, 02:45 PM

We bought our house in 1990 with a 30 year mortgage. We refinanced a few years later and went to a 15 year loan. We have about 5 or 6 years left on it. (I should KNOW shouldn't I?! LOL)

**my4littlebuffaloes** · 01-24-2006, 04:09 PM

We bought our first home in 1997 on a 30 year fixed. WE moved in 2004 into the current house. WE have a 30 year fixed loan at 6% interest. So 28 years and a few months left. We had planned on not moving again, but now we are thinking about moving cross-country in a 2 years. So I don't know if I should pay extra on our loan or not? We might not move, I would say it is 50/50 right now whether we move or not. WWYD?

Jennifer

**alabamagirl** · 01-24-2006, 04:26 PM

We paid off our house in December 2004. It took about 18 years.

It's a wonderful feeling of freedom!!

**FrugalMomof3** · 01-24-2006, 04:33 PM

Well we bought our house in 2002 I believe with a 30 year note,
after 2 years we refinanced with a 20 year note BUT we pay
bi-weekly, so our mortgage will be paid off in 16 years so roughly about 14 more years to go, give or take a few months.

Once we stop paying child support we will be putting an extra
payment in per month of $250 so it would knock off a few
years there as well. UNLESS something unexpected comes up.

I just know that when we're done paying child support we will
have more than enough money to pay an extra mortgage
payment + put some in savings! YAY! I am counting the days!

~Tracy~

**KKCondrey** · 01-24-2006, 04:58 PM

we are looking to buy by the end of this year and no later than a year from now...hopefully with the price we are already paying in rent we can still apply that much to a mortgage and get a 15 year one.

**Kimberlina** · 01-24-2006, 07:13 PM

We started with a 20 year mortgage, then refinanced to a 15 year after two years. We do pay extra toward the principle.

Worst case scenario, we will be paying for a total of maybe 14 years.

**ironmaiden** · 01-27-2006, 04:45 PM

my4littlebuffaloes - I wouldn't pay extra toward the mortgage until you know what you are doing - moving or not.
If you move, you'll need cash. And if you have the money and don't spend it and then decide not to move, you can always dump some back into the mortgage.

**danni** · 02-26-2006, 03:37 PM

We decided we didn't need a lot of space and decided to buy a mobile home instead. We got a 4 yr loan but it will be paid off in 3 instead, next July.