Life At What Age...

el borracho · 04-13-2022, 09:20 AM

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.

mr. tegu · 04-13-2022, 09:36 AM

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.

Jewish Rabbi · 04-13-2022, 09:37 AM

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

JimNasium · 04-13-2022, 10:03 AM

Quote:

Originally Posted by Jewish Rabbi

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.

Sorce · 04-13-2022, 11:36 AM

Quote:

Originally Posted by Jewish Rabbi

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

This, I ran the numbers when we bought our current house. I could have paid a 15, but the difference at a 6% return would be over 600k in 30 years. So I invested that extra amount instead.

**Shiver Me Timbers** · 04-13-2022, 10:04 AM

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

LittleMeatballNick · 04-13-2022, 09:46 PM

Quote:

Originally Posted by Shiver Me Timbers

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 was thinking about doing this as well. I have enough equity in my home now, I think I could pull it off. I'm just doing a little bit more research.

el borracho · 04-13-2022, 10:05 AM

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.

**ChiTown** · 04-13-2022, 10:11 AM

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

**DaFace** · 04-13-2022, 10:14 AM

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.

KCUnited · 04-13-2022, 10:19 AM

I just reupped on a 30 yr.

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

**SuperChief** · 04-13-2022, 10:36 AM

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.

excessive · 04-13-2022, 01:10 PM

Quote:

Originally Posted by SuperChief

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.

**Buehler445** · 04-13-2022, 10:38 AM

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.

**ChiTown** · 04-13-2022, 10:52 AM

Quote:

Originally Posted by Buehler445

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!

View Poll Results: At what age did you pay off your primary residence?
Before age 30	2	2.56%
30-35	1	1.28%
36-40	7	8.97%
41-45	5	6.41%
46-50	10	12.82%
51-55	18	23.08%
56-60	9	11.54%
61-65	6	7.69%
66 or over	1	1.28%
Probably never going to pay off my primary residence	19	24.36%
Voters: 78. You may not vote on this poll

04-13-2022, 09:20 AM	Topic Starter
el borracho In Pat We Trust Join Date: Sep 2001 Location: Albuquerque, NM Casino cash: $2719148	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.
Posts: 12,243

04-13-2022, 09:36 AM	#2
mr. tegu Forever Royal Join Date: Mar 2012 Casino cash: $-1688700	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.
Posts: 26,464

04-13-2022, 09:37 AM	#3
Jewish Rabbi What's up braj? Join Date: Jun 2008 Location: Placencia, Belize Casino cash: $-1586750	Just took a 30 year last year. At 3% it makes absolutely no sense to put a nickel extra into my mortgage.
Posts: 16,914	2 0

04-13-2022, 10:04 AM	#6
Shiver Me Timbers Elway be drinkin' again Join Date: Dec 2017 Location: Colorado USA Casino cash: $5445000	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
Posts: 5,269	2 0

04-13-2022, 10:05 AM	#8
el borracho In Pat We Trust Join Date: Sep 2001 Location: Albuquerque, NM Casino cash: $2719148	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.
Posts: 12,243

04-13-2022, 10:11 AM	#9
ChiTown Stroking to the SB Champs! Join Date: Aug 2000 Location: Flatlands of Kansas Casino cash: $-351038	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 __________________
Posts: 40,903

04-13-2022, 10:14 AM	#10
DaFace Kind of a mod Join Date: Aug 2005 Location: Donkey Land Casino cash: $-1673101	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.
Posts: 53,124

04-13-2022, 10:19 AM	#11
KCUnited Cheat Death Join Date: Nov 2007 Location: Land of Drincoln Casino cash: $-1411756	I just reupped on a 30 yr. I'll likely downsize and pay cash for something well before its paid off.
Posts: 36,850

04-13-2022, 10:36 AM	#12
SuperChief Damn it feels good. Join Date: Mar 2011 Casino cash: $7537978	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. __________________
Posts: 3,305	3 0

04-13-2022, 10:38 AM	#14
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $-1385266	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.
Posts: 59,933