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

[Notyetthere]

£1231.74 per month. started with a 30 yr term which we will have paid off by age 53. We are overpaying and current my spreadsheet shows that we reduced the term down 24 years. Hope you increase the overpayments once we pay off our other small debts.

[90daychallenger]

We pay about £550 per month and then over pay 10% of the remaining mortgage value each year.

We're just coming to the end of the 2 year fixed term. At the end of this we'll ramp up our repayments to about £2,000 per month but continue to overpay as well.

We're 30. The mortgage will be paid off by the time we're 34.

[MsMermaid]

£500 per month. I'll be 55 when we pay it off. We won't be moving house or extending the mortgage in the foreseeable future, but intend to overpay once dd1 finishes uni (she's just starting 6 th form) and dd2 is old enough not to need childcare (she's going into year 2 so a few years yet).

[Marmitelover55]

Mortgage outstanding is currently about £130k and we have equity of about £600k. Will be paying mortgage off early due to an inheritance - I'm 49 and DH is 50. We are currently paying interest only of about £350 per month.

[kernowgal]

£270/month. If I never get another payrise I'll be paying it off until I'm 69. I'd like to overpay by at least £50/month and that'll reduce it by 6.5 years. If I got a decent payrise I'd up the overpayments to £100/month; then I'd be done by the time I'm 58.

[Mrscog]

Currently £620 per month on a 30 year term but we spend nearly.£900 per month on childcare. Will massively overpay once dc2 starts school to reduce the term.

[Mummyme87]

Just entering a new mortgage... 25years, £1500pcm. I'll be 55 and OH will be 64 😣

[SomedayBaby]

Current mortgage is £545 a month, 15 years left - so would pay it off when i'm 45 and dh 48 (not including overpayments though - it could well come down some).

However, we're shortly moving and will be taking a new 30 year mortgage as we're moving to a considerably larger house in a better area - so will be paid off when i'm 60 and dh 63 with payments of around £950 pm.

[shortaris1]

£370 a month. Just me. I'll be 62 when it's gone. No current plans to overpay.

[conkerpods]

£700 a month,and I overpay £100 which reduces the term by 4 years so I'll be 60ish when it's paid off. This thread makes me want to overpay more but I don't have any savings so that's a bit risky for me I think. Also would love to borrow £50k to do a loft but can't borrow anymore as yet.
I owe £160k and I'm 39. I've been in the house for 11 years but had remortgage when I had DD as was self employed then and couldn't survive on stat MA. Unfortunately rates were high and I had to go interest only for a couple of years which really set me back.

[clerquin]

Paid off last year at 44 & 46. No intention of moving house unless it's to downsize in the future. Mortgage payment was £1600 and we've moved/up sized 4 times in the last 17 yrs and overpaid over the last decade. Original term was 25 yrs which we never extended despite increasing the mortgage loan every time we moved house. Being relatively frugal has now borne fruit - being mortgage free allows us to go skiing at Feb half term and go on long haul holidays in peak season (I never felt that we could afford it comfortably before but having that extra disposable income makes a huge difference!)

[HairyMaclary]

£1300, paid off by the time I'm 51 but hoping to shave a couple of years of that with lump sum overpayments and make it 47 as DS1 will hit university age then and we may need the spare cash!

[heron98]

We pay £500 per month. I'll have paid it off by the age of 60.

[BasinHaircut]

£915pcm, will be paid off by the time DH and I are both 57 if we don't overpay but We are on a fixed deal, and I'll look for a new one when it ends so this will change. Plan is to knock a year or two off the term every time we re-mortgage, and start to over-pay once we are clear of the nursery fee years. I'd like to clear it by the time I am 50 but we might move or do a loft conversion in a few years and we will need to borrow another £50k-ish to do that so we will see.

I see it as we have to live somewhere and it's a balance between paying enough so we aren't paying it forever, and paying an amount that means we can live decent lives now. I don't want to scrimp and scrape in order to pay off a mortgage ASAP but not be able to have a meal out or do nice things with DC for the next 10 years.

[bumblingbovine49]

2 years ago, we borrowed £150,000 over 20 years to buy a house when I was 49 and DH was 46 years old. Our repayments are £830 a month but we overpay by £500 a month so pay £1,330 a month. This overpayment means that we will save around £23,000 in interest alone, and w ewill pay the the debt off in full about 9 years only. I wanted to be mortgage free before I was 60!!

We did have some money from the sale of my pre-marriage flat which we used as a deposit and we deliberately bought something that was quite inexpensive so that we had a hope of paying it off in 10 years or so but it does mean I will never live in the "house of my dreams" - hey ho, it will do.

[greenfolder]

We are on the home straight. Bought current house in 2004 and set the mortgage at 13 years. We pay £1660 a month. The real reason why we are nearly done though is that we resisted the temptation to move again. Our 4 bed house is quite a modest one. One bathroom etc. We initially planned to upgrade 5 years ago but stayed put. Plan when we pay it off next year is to relocate somewhere with more housing choice so we will get a nicer home for the next bit of our lives without having a mortgage.

[greenfolder]

Oh missed the point ! I will be 49.

[Mrscog]

Greenfolder - do you have DC and how old are they? We're in a modest 4 bed (originally a medium size 3 bed but extra bedroom added) and it's fine at the moment with very young DC but I wonder how we'll cope with 1 bathroom and 1 reception room when the DC are teens. Moving could be an option, but not moving would give an enormous amount of financial freedom.

[greenfolder]

We have 3 dds. 1 is 21 and just returned from uni, one is 18 and one is 8. We have one bathroom and a downstairs loo. To be honest it's only really an issue now oldest is back from uni. We are very good at spreading out our bathroom needs. Dh is out the door early. Then I get up and ready and get youngest up. Eldest two work variable hours. The dilemma we had was it is impossible to get another bathroom in. To buy a bigger house where we are would have been an extra £150k. And really would only gain a bathroom and a bit more garden. I'm glad now that we have made do. We will relocate a bit further south so should get a wider choice.

[Debbieharry]

£1,250 a month

We have 14 years to go, which puts us mid 50s

£190k mortgage left on a £1.1m house though so we might sell before that

[Mrscog]

That's reassuring greefolder - our house very similar - nowhere to really add a bathroom etc. but in absolutely lovely position so don't really want to have to move! I'm sure we'll find ways to manage - it's a way bigger house than many people have.

[SimplyNigella]

Our mortgage is £1500 and will be paid off when I am 49, assuming no overpayments.

DH also has a mortgage on the house DSS lives in which is £400 a month and will be paid off in 4 years (but in theory sold in 2 years when DSS leaves education).

[StepAwayFromTheThesaurus]

We moved recently and are now paying £1,150 a month and have a 20 year mortgage. Without overpayments I'll be 55 when its paid off.

However, DH is obsessed with reducing the term of the mortgage. We need to do some work in this house (be flooring throughout, new kitchen) but after that DH will throw money at overpaying the mortgage to reduce the term.

[LC01]

£2k a month, plus we overpay a little more. Should be paid off by the time we are 60!

[BasinHaircut]

I'd be interested to her what these mortgages are as a % of the monthly household net income as some are really small amounts and some high!

Ours is £915/month with a net income of £4.5k so that's just over 20%. I don't know if tat is low or not? Guess it depends on other large outgoing so. We also have nursery fees that take up a significant portion of our net income too so wouldn't want to pay much more right now.