# How old will you be when you pay off your house? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [March 19, 2009, 10:16am UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763 "2009-03-19T10:16:55Z")\ **Posts on this page:** 20\ **Page:** 3
**Author:** ![skatanic28](https://avatars.discourse-cdn.com/v4/letter/s/8e7dd6/32.png) [@skatanic28](https://forums.speedlife.net/u/skatanic28)\ **Post date:** [March 19, 2009, 12:05pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/41 "2009-03-19T12:05:24Z")
i’ll be selling in 5-10 years. would probably take me ~20 years to pay it off though ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [March 19, 2009, 12:07pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/42 "2009-03-19T12:07:10Z")
> [@theblue](#): > > when people like you says things like this it always surprises me if you’re doing as well as you make it appear. If you have the coin to do what you’re proposing they why aren’t you smart enough to realize the advantages of a mortgage combined with the ability to invest a lot more money since you’re not making triple payments. Everyone on here is LOADED! I am going to pay off my house in 6 months! ---
**Author:** ![MOBOOST4U](https://avatars.discourse-cdn.com/v4/letter/m/f4b2a3/32.png) [@MOBOOST4U](https://forums.speedlife.net/u/MOBOOST4U)\ **Post date:** [March 19, 2009, 12:11pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/43 "2009-03-19T12:11:22Z")
> [@theblue](#): > > when people like you says things like this it always surprises me if you’re doing as well as you make it appear. If you have the coin to do what you’re proposing they why aren’t you smart enough to realize the advantages of a mortgage combined with the ability to invest a lot more money since you’re not making triple payments. Although ill recognize the pros and cons of making large payments, and minimum payments over a long period, I can at least say people have different values of money. Some people hate being in debt and the idea of paying interest terrorizes them. The truth is, we live in a debt economy and debt can be a truly amazing thing. And for that reason, im just dandy with taking 30 years to pay off a house or two. The only way I will ever make advanced payments is if I get money I dont deserve or plan on having (Life insurance collection, lotto, etc). ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [March 19, 2009, 12:13pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/44 "2009-03-19T12:13:27Z")
> [@theblue](#): > > when people like you says things like this it always surprises me if you’re doing as well as you make it appear. If you have the coin to do what you’re proposing they why aren’t you smart enough to realize the advantages of a mortgage combined with the ability to invest a lot more money since you’re not making triple payments. omg guys, i just paid off my kar!!! ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [March 19, 2009, 12:15pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/45 "2009-03-19T12:15:48Z")
I PAID MINE OFF TWICE CAUSE THEY WERE RAD! ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 19, 2009, 12:17pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/46 "2009-03-19T12:17:57Z")
I JUST REFINANCED MY LUNCH AT A LOWER RATE ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [March 19, 2009, 12:19pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/47 "2009-03-19T12:19:27Z")
What is not surprising: the number of $40k-millionaires on this site. What also would not be surprising: the number of high income people who’s net worth is a fraction of their annual salary What is surprising: the propensity of people on here to open their mouths and prove to everyone just how little they actually know. ---
**Author:** ![MOBOOST4U](https://avatars.discourse-cdn.com/v4/letter/m/f4b2a3/32.png) [@MOBOOST4U](https://forums.speedlife.net/u/MOBOOST4U)\ **Post date:** [March 19, 2009, 12:22pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/48 "2009-03-19T12:22:17Z")
> [@walter](#): > > What is not surprising: the number of $40k-millionaires on this site. > > What also would not be surprising: the number of high income people who’s net worth is a fraction of their annual salary > > What is surprising: the propensity of people on here to open their mouths and prove to everyone just how little they actually know. There are no wealthy people on NYSPEED… BEING WEALTHY USUALLY ENTAILS CLASS, and not talking about what you make. Let your assets AND comfort do the talking for you. I wont deny there are people on here who earn a pretty penny and may be pretty financially creative, but nobody id call rich. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [March 19, 2009, 12:23pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/49 "2009-03-19T12:23:25Z")
fggts, what’s a mortgage? owning outright FTW ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [March 19, 2009, 12:23pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/50 "2009-03-19T12:23:50Z")
rich vs. wealth vs. class debate: go! which of these can you buy? which of these can you learn? which of these are you born with / learn at early age? ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [March 19, 2009, 12:24pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/51 "2009-03-19T12:24:00Z")
> [@theblue](#): > > when people like you says things like this it always surprises me if you’re doing as well as you make it appear. If you have the coin to do what you’re proposing they why aren’t you smart enough to realize the advantages of a mortgage combined with the ability to invest a lot more money since you’re not making triple payments. One reason is I don’t feel like spending the time required to do so. Seriously I am lazy, when I get home I don’t want to do anything yet alone work more. Another reason: I invest 20-25% of my pay right off the bat. Why not pay off a xxxK loan in 10 years? I don’t like payment and I’d rather own something 100%. Personal preference I guess. I’m not going back and getting loans on my cars which are paid off so I can make money off that money…seriously I have money I use to make money. I’m not doing as well off as I’d like, so I’ll work on improving my career more so then investing the money I’m making now. If I can say double my salary with in the next 5 years or so I’ll be way better off rather then spending all my time finding liquid ways to invest my borrowed money at 10-12% while paying back a 6-7% loan. It seriously isn’t worth the ~6-10K a year (if your lucky) in my eyes. I guess each person has a life to live, and they do it their way. Unless your way it trying to get breakfast after 11am at burger king. I have ---
**Author:** ![Minglor](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/minglor/32/7373_2.png) [@Minglor](https://forums.speedlife.net/u/Minglor)\ **Post date:** [March 19, 2009, 1:23pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/52 "2009-03-19T13:23:38Z")
1. at this rate. 5.5% ---
**Author:** ![Daddie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/daddie/32/7621_2.png) [@Daddie](https://forums.speedlife.net/u/Daddie)\ **Post date:** [March 19, 2009, 1:50pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/53 "2009-03-19T13:50:01Z")
My Taxes prevent me from paying more off. ☹ I’m in it for the long haul… ---
**Author:** ![EvoMR](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/evomr/32/7186_2.png) [@EvoMR](https://forums.speedlife.net/u/EvoMR)\ **Post date:** [March 19, 2009, 1:51pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/54 "2009-03-19T13:51:48Z")
:io: ---
**Author:** ![91MR2](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/91mr2/32/7217_2.png) [@91MR2](https://forums.speedlife.net/u/91MR2)\ **Post date:** [March 19, 2009, 2:07pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/55 "2009-03-19T14:07:59Z")
39 at this rate. ---
**Author:** ![fairgentleman\_Z](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fairgentleman_z/32/7263_2.png) [@fairgentleman\_Z](https://forums.speedlife.net/u/fairgentleman_Z)\ **Post date:** [March 19, 2009, 6:01pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/56 "2009-03-19T18:01:38Z")
> [@d3x](#): > > may seem like a dumb question…but how would i figure this out? I pay an extra $2k a year towards my principal. I borrowed $80k with a 30 year mortgage. @ssuming 6% The monthly paymet is 479.64. @ $2k/yr, ($167/mo) additional to principle would pay of the loan… > **[Mortgage Calculator | Bankrate](https://www.bankrate.com/mortgages/mortgage-calculator/)** > > Use our free mortgage calculator to estimate your monthly mortgage payments. Account for interest rates and break down payments in an easy to use amortization schedule. > Loan Length Estimations > > Inputs > > Beginning Balance of Loan: $ 80000 > Minimum monthly payment : $ 479.64 > **Maximum monthly payment : $ 646.64** > Annual interest rate: 6 % > > Using the minimum payment it will take 361 months ( 30.083 years) to pay off your loan: > Total interest: $ 92,670.82 (256.71 average per month) > > **Using the maximum payment it will take 194 months ( 16.167 years) to pay off your loan: > Total interest: $ 44,965.76 (231.78 average per month)** ---
**Author:** ![BrockwayMT](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/brockwaymt/32/5060_2.png) [@BrockwayMT](https://forums.speedlife.net/u/BrockwayMT)\ **Post date:** [March 19, 2009, 6:16pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/57 "2009-03-19T18:16:26Z")
41 or less ---
**Author:** ![4DOORBABE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/4doorbabe/32/5071_2.png) [@4DOORBABE](https://forums.speedlife.net/u/4DOORBABE)\ **Post date:** [March 19, 2009, 7:00pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/58 "2009-03-19T19:00:21Z")
> [@Daddie](#): > > My Taxes prevent me from paying more off. > > ☹ > > I’m in it for the long haul… I’m sure our taxes are not as high as yours, but we are in the same boat :tdown: to owning 12 acres of land on a corner lot. Payoff at 53, if we continue to make “minimum” payment, but we plan to have it paid off by 30. ---
**Author:** ![TradersBASE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tradersbase/32/5321_2.png) [@TradersBASE](https://forums.speedlife.net/u/TradersBASE)\ **Post date:** [March 19, 2009, 7:27pm UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/59 "2009-03-19T19:27:33Z")
> [@theblue](#): > > I JUST REFINANCED MY LUNCH AT A LOWER RATE LMFFFAAOOO!!! You have some valid points. I wanna join the e-milli club and pay off stuff **before** I even get the loan. Just tryin to be sure loan brokers still have a job…for a day anyhow. ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [March 20, 2009, 2:43am UTC](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763/60 "2009-03-20T02:43:03Z")
should be 37 when I own the duplex… Working on buying another place in Arizona right now in Maricopa, AZ… [Previous page](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763.md?page=2) [Next page](https://forums.speedlife.net/t/how-old-will-you-be-when-you-pay-off-your-house/64763.md?page=4)