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

[lenny2011]

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

[ecuse]

£1,205, currently overpay £30 (every little helps, right?!).

£198k outstanding, 30 year initial term expected to pay off in 20 years (aged 56) if we don't remortgage

[alleyes]

£1900 per month, in London, but we overpay additional amounts as well. Hope to pay it off in 5 years when we are 42 and 43.

[ecuse]

Oh, actually, 18 years (54) if we keep up the overpayment

[sall74]

Reading this it's quite scary to see what a society of obedient little mortgage/debt slaves we've become, some truly astounding figures and time periods being quoted here.

[bikerlou]

Well those of us who have been married twice have a worse time as we had to start again. Me and husband number 2 won't have finished paying off our mortgage until 65 years old.

I was fine when we took it out but now I have some health problems I'd really like to retire early or at least work 3 days a week but can't afford to. It's a constant source of anxiety.

[LumpyMcBentface]

£1100. Another 28years to go, although actually slightly less as we overpay £50 a month. I'll be 64, Dh will be 68.

[TrainWrecka]

800 pcm.

Will be paid off in 9 years - I'll be 48, DH 60.

[bikerlou]

However the thought of being a rent slave for ever and being under constant threat of eviction by some landlord is even more scary. At least I know I'll have a retirement free from debt.
I know many older people still paying rent in their 90's and having absolutely no money for anything else.

[Oblomov16]

£1111
Due to be paid off in the next few years.
We were paying £900 and then when we negotiated the next 5 year deal, we agreed to pay more, to reduce the term, so it's paid off earlier.

I can't work out of that was a clever or stupid move. Is it better to do that? Or make overpayments? Which is better?

[TurquoiseDress]

From our mortgage agreement in principle- we don't actually have an actual mortgage right now, but trying our best to find a suitable place!

Around £1600/month (yikes) in SE London and as the term has been stretched out a bit, beyond 25 years we'll both be the other side of 65 yrs old (more like 68!)

[Heathen4Hire]

1200 a month. New mortgage for rabbit hutch flat in SE London in 2005, staircased up through a shared ownership scheme (used to pay £500 a month). Will pay it off when I am 53. Unless I move to a much cheaper town!

[mrssmith79]

£320 pm. If I paid to term I would be 55 when it ended but dh retires in 2020 so it'll be paid off then, I'll be 40/41.

[Passthecake30]

£490 and 14yrs but trying to overpay £150 p/mth as that would reduce it by 6yrs (at today's interest rates), so well worth doing.

[Lillagroda]

£965/month, just remortgaged last month and took the opportunity to reduce the term. Currently stands to be paid off by age 53 for me, 63 for him.

[ThroughThickAndThin01]

£2,300. 63.

[Poocatcherchampion]

I'm always surprised that so few overpay but just a little bit.

I always round up - we were £780 so we immediately made it £800. We now pay £1000 as we put all payrises etc towards it.

Having said that I have no idea how much it will save us in the long run but it seems like a good idea.

We will be 55 ish

[thisisbloodyridiculous]

We pay just less than 700/month - only had our mortgage for 2.5 yrs so 22.5 to go! Taking me and DH to 50 but hopefully we'll be able to overpay soon once we've paid off some of the debt we have from doing an extension.

[JigglypuffsCaptor]

Completed last week mortgage is £330pcm for 35 years putting us in our mid 50's with no mortgage. We will overpay, we've bought a 3bed home with spacious garden just on the commuter belt to a large city and have no plans to move/upsize unless we have triplets from the next TTC turmoil in a few years time . We have one child and would like one more.

We plan to overpay when we can.

[Acornacorn]

£1900/month. If we don't overpay, we'll be 68 by the time it's paid off.
In an expensive part of the SE.

[onemouseplace]

£1120 a month, but we've rounded it up to £1200. I don't like to overpay more than that as I prefer to have ready access to savings in case of redundancy etc. Due to be paid off when we're 55.

We are looking to move somewhere bigger in the next couple of years though, so will have to borrow more, probably at least doubling our mortgage unfortunately if we want to stay in the area.

[GinIsIn]

Right now it feels like loads, and never but that's because it's a brand new mortgage and thus scary!

£1200 a month and will have it paid off at 64 supposedly but we will be selling another property at some point in the next 20 years which will pay it off.

[StickyFloor]

£1350pm, 6 years left so paid off when twins turn 18 and we will be 47.

Planned so we can then fund them through Uni or whatever else they want after school, or maybe buying a new property for them to get started.

[Buscake]

£751 per month
10 years left (I'll be 41) and have £88k to pay off.
I was only able to get a mortgage thanks to parental support, and managed to shave off 9years of payments with a small inheritance after my father died. I owe my parents everything! Just hope I can help my children as much as they helped me.

[Palomb]

£620pm-170K left to pay. We'll be 55. This is our forever home.

[pullingmyhairout1]

£0 paid off at 38.

However I am considering buying another house in 2 years with my partner and will need a mortgage then.