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 could pay it off now but my mortgage rate is less than 2% and I’m getting over 4% on savings so wouldn’t make sense. I’m 55.

Would have been able to pay off the first mortgage at 37 due to overpayments, we moved to a bigger house instead. This mortgage is on track to finish in our mid 40s. We have been very lucky with interest rates, as they went down, we kept overpaying with the difference. Lucky with buying our houses at the right time before prices spiralled out of control. We've also been lucky to more than double our income in just over a decade. We have kept living like students and not really upgrading our lifestyle, we've had cheap cars and haven't renovated anywhere near as much as friends and family have and we haven't upsized again.

We've been incredibly lucky. I don't come from a privileged background, I know how lucky we are. I don't tell people in real life as it feels awkward.

This thread has prompted me to actually look at our mortgage and see how long we have left. We've got about 4 years left as long as we keep up our current payments.

OK so 'in the next year or so' is actually over 2 years and £3k is actually £3250 and you are wondering why people are confused by your maths?

Will be 67 or maybe a little earlier if I find money to overpay.

like some others on this thread:

Divorce
now single
no inheritances

it’s a struggle and I feel a bit shit seeing so many having them paid off in their 40s 50s or earlier. But wouldn’t choose to be back in (abusive) marriage.

£104k / £3250 = 32 months, so nearer three years

I am 51 and have £29k approx which hopefully will be cleared in 8 years or less if I can overpay....however I am due to remortgage and worried about getting a decent rate.🙄

62 but I doubled the size of the house with a large remortgage.

Paid ours off 2 years ago at the age of 37.
We were extremly lucky all the way through buying our first property at 21 and then being able to build our own two years ago

I was a one parent family (children had left home) when i paid it off a £60+ mortgage at 52, 10 years ago i am not a high earner or a professional, i worked 3 jobs overpaid as much as i could every month, i missed holidays but was determined to pay if off by the time i was 50, (missed by 2 years) best thing i ever did, there's something about that last payment.

Ours was fully paid off when we were around 48. But both my husband and I are savers, rather than spenders, and whilst we live in a nice 4 bed, we chose not to over extend ourselves by buying a bigger/fancier place. It may never be my dream home, but it's comfortable and means we can take good holidays and retire early.

Currently partner will be 70 and I will be 63 😱😱😱😱😱

However hopefully between now and then interest rates will come down and our situation will chance and we will have money to be able to over pay! X

We bought our house in the Northwest for 645k in 2019 (currently worth 700k). We currently owe 479k and have 16.5 years left to pay however we plan to add 60k to it in august when our fixed is up so that we can offset the high interest rate. So we will have 400k left but we will then add 9 yrs on making it a 25 yr mortgage bringing our payments down some more. We will sell and downsize in about 7 years time when hopefully we will have around 340k left to pay (and banking on the house being worth the same at least) We will then either buy to be mortgage free or take out a small 70-100k mortgage. Husband pays as he’s the only one who works. He is currently 29. We also own 2 other properties that have around 130k in them if sold.

I bought my first house at 20, I'm now 43 and still have 26 years to go! But I'm on my 4th property and gone from a one bed on a 100% mortgage to a 4 bed with a mortgage worth 50% of the property value. I'm not sure we will actually stay here long enough to pay it off though, once the kids leave home we may well sell up and downsize.

In 12 years, you have paid off £60k of capital, +25 years' of interest then. From now on, everything you pay is straight off the remaining capital.

Yep, you are definitely correct it really does not help, and the thread definitely seems to be giving the impression most mumsnet users are either nearly mortgage free or already mortgage free which I doubt very much reflects the general public for this age group.

Did you never want to move and upsize or move up the ladder?

It was paid off when I was mid 30s. I got divorced when I was 47, bought the git out of the family home and got a mortgage on 1/2 its value. I am 52 now and have 15 years left to pay (I was too old to get a 25 year one!) It's not a large mortgage (reflecting the size of the house), but until I have rebuilt my savings I am not considering overpaying. So 67 then.
A sobering thought, but it's MINE (ish!) and I'm not supporting a lazy, freeloader.

62, im 34
just over 116k over 28 years left - we only took it out last year
we did buy house outright but then got 120k loan against it
We bought in Qld, while living in South Aus and borrowed to buy all new furniture, add a pool, solar and the actual move

I will be 42. We owe 36k. It will be fully paid off next year when our fixed rate ends. We have the savings to do it now, but can only pay 10% extra a year without facing extra charges. We probably wouldn't have thought about paying it off if interest rates hadn't increased so much. We will probably go into more mortgage debt in the future though, if things settle.

We are throwing money at out at the end of the year to bring it under $100,000. Then the plan is to go even more aggressive with the overpaying so I am clear by age 50. DH will be 62. That's only 26 months away - wish me luck! Our monthly payments are eye-watering.

First mortgage (20yrs term) with (then) husband would have cleared when we were 43/45. Our plan was to be retired by 50 (me) and 55 (him).

Life happened. Divorce and remortgage, buying ex out. Term extended to conclude when I was 53.

I was mortgage-free by 48, but without ( a few post-divorce) promotions it would have been 53 as scheduled.

Given that she says "bathrooms", it doesn't sound like a tiny house to start with, so maybe no need.