How Old Were You (will you be) When Mortgage is Paid?

**forHISglory** · 01-02-2009, 12:04 PM

Spinoff........

Quote (Originally by mikandmari)---
Wow --- so many homes owned free and clear! I wonder about how old people were when they paid off the mortgage.
We've owned for 13 years... and have 7 years to go on the mortgage....

---End Quote---
We paid off ours a few months ago. I'm 42; DH is 45.

Just wondering....

How old were you when you paid off your mortgage? Or how old do you anticipate being when mortgage is free and clear? Any tips or advice to pass on?

We were 35 when we paid off the mortgage. We built our house when we were 30, so it took us 5 years to pay it off. This was due to several factors, but one was that we built only a shell of a house and lived in it while we gradually finished it. We finished it on a cash/sweat equity basis, so that saved money. We also did the building ourselves, so that saved money.

**brenda67** · 01-02-2009, 12:06 PM

We just bought our first home so I'll be 72yrs old when it's paid in full..

**Greebo** · 01-02-2009, 12:12 PM

Originally Posted by brenda67

We just bought our first home so I'll be 72yrs old when it's paid in full..

Stop paying the minimum. YOu'll save a TON on interest.

We hope to have ours paid off within 8 years, but that'll depend on how fast we can get out of our other debts, and THAT depends on the apartments...

**melina123** · 01-02-2009, 12:13 PM

scheduled to be paid in 2036! I'll be 58.......I'm hoping to pay it off earlier.

**MomToTwoBoys** · 01-02-2009, 12:15 PM

We got our mortgage in July 2005. I was 27 then. It'll take us 23 years to pay it off, so I'd say I'll be 50 when it's done. That all depends too on whether we can keep the same interest rate.

I believe we also cannot pay onto the principle because we put that in our mortgage contract.

**madhen** · 01-02-2009, 12:16 PM

I pay over minimum each time, and it is amazing how fast it is going down. I am trying to have mine paid off by the time I am eligible to retire, in a little over ten years. I'll be 54.

**Jayne** · 01-02-2009, 12:18 PM

Hopefully we will be paid off in ten years, so I will be 60..

**Greebo** · 01-02-2009, 12:27 PM

Originally Posted by MomToTwoBoys

I believe we also cannot pay onto the principle because we put that in our mortgage contract.

If that's true, then for goodness sake, REFINANCE!

**Grayce** · 01-02-2009, 12:29 PM

We bought our first house when we were 23 and 25. It had a 25 year mortgage. We have shaved years off the mortgage by paying biweekly. We will have our mortgage paid of in July 2016. We will be 43 and 45.

**cab54** · 01-02-2009, 12:32 PM

Paid off at about age 47. So, for about 7 years.

**LexTysMommy** · 01-02-2009, 12:35 PM

I got 15 year loan when i was 28, so I will be 43 if I pay no more then the minimum.

**opaloctober** · 01-02-2009, 12:38 PM

We bought our house 5 years ago with a 25 year mortgage. Our 5 year term was up so we went to the bank on Wednesday. We wanted to change our amortization from 20 years to 10 years. Since it was time to renew, there was no penalty. The banker told us that if we chose bi-weekly payments, it would take another year off of our mortgage. So, for just over $100 more a month and going with bi-weekly payments, we took 11 years off our mortgage! It will be paid in full in 9 years, and I will be 38 and my husband 41. And we got an interest rate of 4.79% for 5 years! I am pretty thrilled with the outcome! And I cannot believe how much interest would have gone to the bank if we'd have kept the 20 year amortization!!!

**Darlene** · 01-02-2009, 12:39 PM

We paid ours off in 2004, I was 43 & hubby 54.

That was achieved by forgoing vacations and sending every bit of "extra" money to principal. Not fun while your doing it but man it really does save you tons in the long run.

Wanted to add that this was done with one income for everything and raising 2 kids.

**brenda67** · 01-02-2009, 01:01 PM

Originally Posted by Greebo

Stop paying the minimum. YOu'll save a TON on interest.

We hope to have ours paid off within 8 years, but that'll depend on how fast we can get out of our other debts, and THAT depends on the apartments...

Thanks...We just got our home in Oct and right now we need to spend our money on getting it finished first so we can move into it..I do plan on making a couple extra payment's a year or maybe even more depending if my Dh's job is still around..

**homesteadmamma** · 01-02-2009, 01:16 PM

When we lived in the city we had a mortgage. We sold our home and paid it off. When we bought our home 7 years ago, we paid cash for it. I was 52 and dh was 57.