How much is your mortgage per month? What age will you pay it off?

(118 Posts)
lenny2011 Mon 29-Aug-16 10:19:03

We hoped to pay off mortgage when we turn 50 but going to buy new house so will have to extend term.
Currently 1k per mth which is manageable but will increase to 1.5k per mth which hopefully will be ok but need to budget more

ArmyInRed Mon 29-Aug-16 10:31:47

We pay less than £200 a month, it will be paid off in ten years so i will be 45 then.

nilbyname Mon 29-Aug-16 10:40:55

Less than 200!!! Woweee!

We are increasing out mortgage and taking on a 25 term. We plan to half that though with overpayment and salary increases.

Currently £750 but pay £1000 and going up to £1500.

Makes me ill thinking about it.

ArmyInRed Mon 29-Aug-16 10:43:34

We bought in 2000 and have never moved. Cottage on the village green in a small village, love my little house!

Themoleandcrew Mon 29-Aug-16 10:45:39

1400. Will be paid off by the time we are 55. We borrowed extra to extend which will be paid off sooner and once I return to full time work we will be overpaying to try to get it paid off sooner.

Wishfulmakeupping Mon 29-Aug-16 10:46:51

It's currently 640 a month going up to 675 a month in oct when we move to a bigger house we still have mortgage over 32 years though but that amount is manageable with me at home and I'm hoping to get at least part time work within the next year so we can afford it.
1.5k sounds a lot but you're income is probably a lot higher than ours so its still affordable overall?

Bigbongos123 Mon 29-Aug-16 10:48:47

£360 pm over 30years. Will overpay and aim to half it, making us about 40

Maybebabybee Mon 29-Aug-16 10:50:09

£1400

We'll be moving in 3 years though as its only a 2 bed flat, it was just to get us on the ladder

SparklesandBangs Mon 29-Aug-16 10:51:36

£0 all paid off by 40
But what we paid for our house 20 years ago wouldn't buy a studio flat now and if we decide to move when our DC leave home we may go back to having a mortgage in our 50s which sounds scary when written down

ohidoliketobe Mon 29-Aug-16 10:54:35

630 month. Owe 120k ish and have 22 years left. No plans to move, unless there's a massive change in our circumstances. Going off that, will be paid when I'm 51 and DH is 53. May remortgage to pay for a loft extension in 5 or so years time, but will hopefully will be in a position to overpay towards the end of the term, so will still be paid off at a similar point.

namechangedtoday15 Mon 29-Aug-16 10:59:35

About 1600 per month. Without overpaying I'll be 63 when the term ends.

80sMum Mon 29-Aug-16 11:01:35

We had paid ours off by our late 40s. But we started young. I was 20 when we got our first mortgage. It took slightly longer than the originally anticipated 25 years to pay it off, because we added to it when we moved to the SE, which was a much more expensive area than the one we first bought in (and still is!).

birdladyfromhomealone Mon 29-Aug-16 11:01:43

£900 pcm bought in 1999 £280,000 endowment mortgage pay it off in 2019 with a shortfall of £70,000 which we will have to "find" from somewhere sad

Shitonyoursofa Mon 29-Aug-16 11:02:00

£520. Will currently end when I'm 65 but hoping to be mortgage free before that through saving / overpaying / drawing down from pension fund

OutOfTime Mon 29-Aug-16 11:05:29

500 pm should be payed off when I'm 53 but hope to overpay once DC are older and cut a few years off

seven201 Mon 29-Aug-16 11:10:12

£1006 a month and will be paid off when I'm
66 ish. No plan to overpay currently (couldn't afford to) and can't see that happening ever unless I come into some money.

SkydivingFerret Mon 29-Aug-16 11:16:01

It will be £490 a month over 35 years so I'll be in my 60s. I'm planning to overpay as much as possible and hopefully reduce the term when the fixed period is up in 2 years

OjosCansados Mon 29-Aug-16 11:16:33

1150 pcm at current interest rates, and if we continue with the overpayments we have another 11-12 years left, so should be paid off by our early fifties. However if the dcs go to university we may have to go interest-only for a while.

We are in a fortunate position that if the shit hit the fan we could sell our house and downside very comfortably with no mortgage. Sometimes I think we should do it so we could afford amazing holidays etc but we see our house as an investment. Our pensions aren't that great (whose are these days?!) so our house is also our nest egg.

EssentialHummus Mon 29-Aug-16 11:19:25

£500 p/m, overpaying by £50 p/m (though should overpay more). I expect we'll move at some point, but all being equal this one will be paid off when I'm 51. I'm 30 now.

Flisspaps Mon 29-Aug-16 11:30:28

£750ish - got another 20 years to go. I'll be 54 when we pay it off.

SillySongsWithLarry Mon 29-Aug-16 11:33:00

£830 per month on a 2 bed flat in SE. If we don't move it will be paid off in 9 years - I will be 38 and DH 42. Bought with ExH when I was 21 and bought out his share in the divorce.

nulgirl Mon 29-Aug-16 11:34:15

Mortgage payments of £400 which I'm overpaying by £200 so will reduce the term. Hope to have it paid off by the time I'm 46 unless I move house. Was lucky to get my first mortgage in 2001 so have built up quite a bit of collateral although not London amounts.

oldfatandtired1 Mon 29-Aug-16 11:38:10

£0 at 55. Awarded 90% of equity in marital home on divorce, kids independent and doing well so downsized to a beautiful, roses round the door country cottage (and with a bit in the bank). Happy new life!

angeldiver Mon 29-Aug-16 11:39:36

We were mortgage free up until last year when we bought a 'lifestyle' change.
Now we won't pay it off until we're 70 (£1000/month) unless the business does well and we pay off early. That is the plan!

minniem0use Mon 29-Aug-16 11:45:24

2.9k a month. In the SE. confused
Hope to have it paid off by the time we are 50. In our mid 30s now.

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