At What Age...
 

At what age did you pay off your primary residence?

As a bonus, please write if you paid off another property before paying off your primary residence.

We will have ours paid off about when I’m 45 if we keep doing minimum payments. But likely won’t do that since we will pay off last school loan and throw that at the house so hopefully when I’m around 42 or 43 in six years or so.

Best thing we ever did was refinancing to a 10 year loan a few years ago. We were on 18 years, and 30 years before that so took off about 12 years of house payments overall.

Just took a 30 year last year. At 3% it makes absolutely no sense to put a nickel extra into my mortgage.

Yep, use that money for other investments.

Mine is pretty much paid off. Did it before I reached 50.

I have a all in One Loan. It uses your property as collateral.

The interest rate is higher but it is simple interest. It is tied to a checking account. Any money I deposit into the checking account is cleared every night and that money gets credited to the line of credit account (lowering the balance you are paying interest on) . When you use the checking account it pulls the needed funds from your line of credit.

It is not "offered" in all states but it is a great tool if you can get it.

This explains it better
https://www.thebalance.com/what-is-a...rtgage-5200578

I'm currently on pace to pay off my primary residence next year (early 50s). At times I have felt like I was way behind... grew up in California and owning property seemed as impossible as going to the moon. I didn't purchase my first property until I moved to another state in my early 30s.

Just curious what is the "average" here on CP.

I have a little less than 4.5 years left on my Mortgage at 3.375% interest. I'm in no hurry to pay it off. I'll be just under 60 when I do so :)

I'm not there yet, but it should happen around age 52 in theory. That said, I'm in no rush. With an interest rate of 3.0%, I'd much rather put money toward other investments.

I just reupped on a 30 yr.

I'll likely downsize and pay cash for something well before its paid off.

The wife and I are in savings mode in order to buy our first home in a couple years time (hopefully). We're both in our early 30s, with no generational wealth to speak of. It's hard out here for a piiiiiiiimp.

I'm on pace to pay it off at 60. I haven't paid any additional principal to date. Things are going to have to change pretty substantially for my finances before I'll be looking to do any additional principal or early payoff.

I'm going to have 2 places of residence.

My plan is sell my home in Wichita in the next 3 years, and buy a similarly priced, smaller home in Fort Worth so we can look after my MIL from time to time. At about the same time, I'll be looking to buy my dream home in Colorado where I can see mountains and water. I want to be able to ski, hike and river raft while I'm still physically able to do those things.....and hopefully have my kids and future grandkids visit :)

I'm 55, so the clock is ticking. Time to giddy-up!

I plan on setting it on fire way before I pay it off.

You and everyone else it seems. :p

But seriously, it's hard to leave this place. Every once in a while my wife and I feel a bit of wanderlust and toy with the idea of moving, but then we actually compare what we like to do here and what we'd be gaining elsewhere. Pretty quickly we end up just deciding to stay put.

If nothing else, having a major hub for an airport makes it pretty easy to visit just about anywhere we want without a major hassle, so we scratch the itch to live elsewhere by just taking a lot of weekend trips to get away for a bit.

And interest rates aren't getting better.

But yeah, sounds great man. Hell of a lot to be proud of to be even in the universe of being able to get that done.