What age will you have finished

[Lastchristmasibakedyouatart]

Paying off your mortgage?

Inspired by another thread.
We have what I *Think is a fairly small amount left on the mortgage-around £120 k, but working it out, I think we’ll be around age 69 by the time we’ve finished paying it off, I’m only basing this on how much we’ve paid off so far in the amount of years..69 feels disappointing.
We’re both 45 (Dh and I)

How old will you be when you’ve finished paying the mortgage off and how much do you have left?

I shaved about 10 years off mine too, it's worth doing.

We had paid it all off but then sold that house and bought one we could never afford because mortgage was same price as rent. We have over 700k left and we’re late 40s. So we’ll eventually have to sell and buy in a cheaper country. For now though it’s a nice house to bring up the kids in.

Son and I bought house together. Because of my age we could only get a 15 year mortgage. Owed about £30k earlier this year when fix finished and mortgage rates started to rise. Ds cashed in a share save of £12k and put £10k straight into mortgage. I had 2 annuity’s mature at an absolute pittance of what I was originally quoted, but got around £20k. Used this to pay off rest of mortgage. Son was 33 and I was 60.

I'm in Ireland. Husband and I will be both 62 by the time we are mortgage free, going by current term. Not in a position to over pay or pay a chunk off it as we have a fairly big childcare bill at the moment and trying to save for kids college education. Happy to keep going as it is for now.

This! Old as fuck or dead? Whichever comes first.

I think we have around 120k left and around 80k in savings. So we could pay most of it off if we wanted but it’s not causing us much harm letting it run so we’ll just try and pay it down by overpaying and then pay it off if we get shafted by interest rates down the line.

I didn’t give ages. If we let it run I think we’ll be late 50s, early 60s.

I would never pay off my mortgage early because if I could afford a large overpayment then I would get a bigger house if I possibly could.
Already upsized 3 times and now in the biggest house I will probably own (4 bed detached in Expensive SE area) I’m mid 40’s. Still got 20/25 years left.
later in life I plan to downsize. The equity we have already built up during the past 20+ years of home ownership means that we can already downsize to a smaller place (when kids have left) and be instantly mortgage free.
Thats before any inheritance gets passed down and more senior roles hopefully will become available during the next 10 years

I was 40, DH was 45.

Bought our house in 1998 for £35,000 and paid it off in 2018. We might live in the smallest house of all our friends but comfortably have the money saved to put the kids through Uni 👍

We paid ours off when we were 39/40.

Currently when I’m 53
but I’m a student so ideally overpay when I qualify

70 and 74 unless we start overpaying! Full time nursery fees are getting in the way of that a bit at the mo!

I’m 51. Repaid it about 5 years ago.Started it age 25 though.

I’ll be 57 but we are moving to a more expensive city so will need to get another mortgage!

Late 40s so 4/5 years to go. We do overpay though and have for about 10 years

It’s an amazing feeling when the last debit goes out

It was a great feeling but I expected some sort of congratulations from my building society having never missed a payment in 23 years! But got nothing.😂

Paid mine off 2 years ago aged 46

We have Ben mortgage free for over 19yrs but never overpaid like we do on the council tax. When I’ve got an odd tenner I’ll go online & stick it on. Finished 7 months earlier this yr. so already paying into next yrs ..,, any else do this

When my ex husband and I split, the (largeish) house was sold and the mortgage paid off, and I bought a tiny house outright with my share of the proceeds. I was 43.

I was 46 when we paid ours off. We only did it then as we left London and moved back to the SW to be nearer family. We sold our not very special house in East London for silly money (because location) and bought a much nicer house down here for literally half the price. So we were able to pay off the rest of the mortgage (had 7 years left on it) and still have some cash left over.

However we were very very lucky as we bought our first flat in E.London in the late 90s for £50,000 before London prices went mad. And we could only do that because my in-laws gave us the £5,000 deposit. 5 years later the flat had tripled in value so we were able to trade up to a house - and again, 13 years later that house was worth more than twice as much. We were just very fortunate to get on the London property ladder when we did.

I'd never be able to buy back into London now but I'd never want to so that's OK.

By 2029. I will be 52.

What yet another depressing comparison of wealth thread on MN. What purpose does this actually serve?

We are 43 and have paid ours off. We had a big deposit from our previous house (80%), it was a small mortgage (£100,000) on a cheap rate and we overpaid monthly plus paid chunks off yearly. The house value has doubled almost in 5 years and it feels like a chunk of financial security. We couldn't afford to buy it now.

On course to pay it off at 62. If we haven’t overpaid enough to cover it when I retire at 60, I will pay the remainder off with the part of the pension lump sum I will get then.