32. 99 years

Not bad still under 100 years

32 years old, bought 22 months ago with a 25 year amortization, down to 17 years 6 months and damn proud of it because I only make 45k/yr

Award* but maybe I can make things awkward for free, it’s my specialty

🥺thank you nice person. It’s been a grind but worth the housing security. I am grateful every day I bought sight unseen and accepted the sellers counter offer. Would have cost me 30-50k only a few weeks later if I had walked away. The best part is I’ve put about 5k of updates in (no labour costs 🙏) and raised my equity to about 80k

If I had an awkward I’d give you it! I’m broke though 😂

How much is your mortgage This part is important

CHEAP, 200k @ 1.64% but increased my biweekly payments 15% on the anniversary date and will again this year bringing it down to 15 years

Woof good for you

This is the way. We aren’t planning lump sum payments on our mortgage but we will increase payments by the max amount every year. The goal is to pay it off in 10 years. 25 year amortization taken out in July 2022. Down to 19 years now.

Way to go!!!

Right back at you!

Damn that’s impressive.

Atta boy.

I am a single woman🤦🏻‍♀️

Atta girl!

Hahahhaahhaahah

Wow. Super depressed reading all these home owners who purchased years past even just 5 years ago sigh. Less than one year. 950k left. 34 yrs old. 30 yr mortgage. Might as well be 80 years with current interest rate. Feel terrible but I know it can be managed.. feel worse for future generations.. this is fucked.

You’ll be surprised where you are at in 10 years. Your wages will increase, but your debt only gets smaller(as long as you don’t keep borrowing against the house). The first few years are the worst though. I had the same feelings as you both times I bought.

60 and 2 weeks from final payment. But, we essentially paid it off about 20 years ago because we held our own mortgage in a self directed RRSP.

How do you hold a mortgage in an rrsp?

https://financialpost.com/personal-finance/banks-dirty-little-secret-you-can-hold-your-mortgage-in-your-rrsp-but-is-it-worth-the-trouble

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this is the answer i like the most. i’d like to be you.

37 years old. 4 years in. 26 years to go. $879,000 +/- to go... Woohoo?.... Now that my investments are paid off the payouts will go towards the mortgage and hopefully be paid off in about 10 years 🤞🏼

Investments are paid off ? School?

Bought shares in my works private share program. Took a couple loans to "get ahead" as well as some other long term investments.

How much is your monthly payment on that 879k mortgage?

Currently paying 1125$ weekly +/- so roughly $4875 per month. That number just got scary typing it...

I’m fine renting thanks!

It's ok. We enjoy you in our basement suites for building our equity and tax write offs

Lmao bro chill it was a joke on how absurd the housing is here in Canada. You’re crazy if you think paying $5k/month for a mortgage is completely normal and affordable for everyone. But sure keep thinking of yourself as “superior” to renters now, really shows what kind of a person you are.

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How the hell is your mortgage $700 per month? Did you buy it in the 90s?

I bought last spring, and mine is ~$1100/month for a 4 bdrm detached house. A 2% fixed rate, plus a province that's never had an NBA team ... and away you go.

Is his place also 7 times the cost of your place? This thread is deceiving and also unfair due to location, type of residence and COL. All things to factor in. Wages could also be alot better where he is and probably can afford it if he is comfortable telling Reddit. Where do you live and what type of residence?

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You may be shocked to hear that many spend even more than that

Nah, he’d be happy to hear that. Makes him feel superior to even more people.

This is me more or less. However im 34 right now

Same at 30, fun times.

40, paid off

Can you share advice for people who'd like to be mortgage free @ 40?

Don't get divorced.

This guy finances…

Source : trust me bro Literally lol

My buddy recently got divorced and is mortgage free...... ​ he moved in with his parents LOL

Buy 15 years ago when shit was cheap

Start soon, not having debts, not living in metro area. Not sure if it’s still true today, but worked out pretty well for me.

Live in a country

Get help from family. This person maybe didn’t, but everyone I know that owns and have dual income total above 200K/yr, and are anywhere near close to paid off (mid 40s) got SIGNIFICANT help from their parents usually in down payment and occasionally other times too. I should probably mention I live in Vancouver though…

This guy bought a house when he was 25 most likely. Literally 95% of the people I know above 35 yo that own a house, wouldnt be able to afford them today. This generation is fucked.

51 and looking to get into my first house in the next 2 years.

37. 0 in. Good down-payment saved. Still renting.

34. $0 because I'm still renting. Envious of those who own a home

36 this year and hoppin' on your boat.

Same age. As long as we have debt on a home we’re not actually home owners. So don’t be envious fellow 34 year old just keep saving you got this 💪🏼

54. Bought our place for 700k 15 years ago. Worth maybe 1.75 mil now. 200k left. 8.5 years left to pay, but paying aggressively now that kids are grown. 2.5 years left on fixed at 2.89. 2009 was very different from now.

43. Around 10 years left.

Turn 49 this year. Less than 5 years left.

25 years old, with 25 years left to go

39, finished last month after a bit less than 10 years

The ultimate PFC redditor

Me too 39. 1 year down, 24 years to go, although I am doing accelerated biweekly so currently it shows around 20 years pending.

Congratulations

Killin it!

Wow congrats. Any particular tips separate from standard things like paying extra towards principal, frugal, etc?

The mortgage wasn't high. 200k for a house that cost us 342k Accelerated payment First two year we did put extra (like 10k) And last November with the increase of the rate, we did put 30k

43, paid off

37. 29 years of mortgage left. 🤣

36 and 29 years left too. I feel your pain.

33, 6 years in. Got in at 242K for a small 2-bed condo. 197 to go.

33, we just bought in April so are down to 736,000 from 765000. Our accelerated payments will knock 9 years off our mortgage!

28 24 years left :(

Mortgage free at 52 is nothing to scoff at. But even quarterly double up payments can drop a few years off that.

40. Bought my current property in 2016. Renewed in 2021 at a stellar 1.79% fixed so I am paying just my standard accelerated weekly payment. Based on no extra payments will be mortgage free in 2038. My plan is starting in 2026 I will be making regular extra payments to mitigate the likely higher expected interest rate. I am fortunate then even if rates are 5+% my remaining balance will be 145k on a hypothetical 13-15 years amortization to the payments should be quite manageable. I've owned property in one form or another since 2010, so I've been paying mortgages since I was 28, and not rent. That being said far more impactful life event last year was a Cancer Diagnosis that was treated successfully with immediate surgery. I was fortunate to have a critical illness insurance policy in place so I got cheque for 100k tax free, which was nice. It helped me max out my TFSA, and I am planning to use it to help pay for some home renos.

33 yrs old 1 yr done 24 yrs left Did a large down-payment for myself 30% so I'm fairly happy in my standing with my home. Previous home did 5% down So kind of happy where I'm at even tho 24 yrs left

Bought house for 530k. Got a 420k mortgage 3 years ago and have 360k left on it. We are adding more to our payments to go to principle every month. Goes down faster than you realize. There’s also 2 of us.

Yeah , this thread is depressing . You all have done great though. Kudos to you

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Stay strong! 24 about 1 year in and about 24 years left. So if I'm future you, all I can say is we are slowly but surely chipping away at it.

29, -12 years, renter forever in Toronto

32, wish I had enough money to afford a house.

30, paid it off in 2 years, also I don’t live in GTA/GVA.

2 years?!!! Damn.

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Yikes

My tent was 1000$ it’s paid off. Now I upgraded to a camper shell for 3000$ and one day I’ll get a 1500$ truck to move it around

This is the way

38 and we have 17 years left.

37 and only a few months into a 30 year mortgage. The goal is to pay it off by the time I’m 50.

I turn 40 this year, and we bought a new house in Sept 2021. So we’re a long way off.

41 years old and only 80 years to go.

45 ... 22 years left ... started at 850k , now at 690k ... May need to refinance for better cashflow, back to 30 years unless I get decent raises in the next 2 years

33, 9 years in, originally (overpaid) 482 000, at terms end next March will owe 229 😵‍💫

40, started with $576k mortgage 8 years ago. $440k left, 17 years to go!

Thank you everyone. I am 28, I was recently given an inheritance in the form of a townhouse 3bed/3bath, and the mortgage (on my own) would literally be impossible at my wage which had me questioning a lot of things. I’m very grateful for the help I’ve received but wanted to learn a better understanding of it all. I feel for those stuck with high interest rates, i don’t have a mortgage but have all of the other regular bills and I’m honestly barely positive at the end of the month. Maybe I am doing something wrong.

get a tenant and rent out the basement is an option

You may have to track your spending and a budget if you are finding money tighter.

39, no mortgage, >$1MUSD invested/liquid. Serial renters.

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You paid off your mortgage by 39? Damn. Mind sharing how you did it?

36, $120k left/4.5 years to go. Paying it down is our priority.

45 years old. 10 years left.

paid off 11 years ago when husband was 39 and I was 42 (took just over 7 years)

33 years old with 23 years left

Same BUT hoping to do accelerated payments when we renew to slash some time off this thing.

27, 2 years into 25

33M. 11 years into mortgage on condo, 197k remaining. Goal is to have it paid off by 40.

34. Mortgage?

I'm underwater in a condo I don't want in Edmonton. Late 30s, 8 years in.

34. Can't see a future where I need to worry about mortgages, because I'll never be able to afford a house

37 and still renting. Lost downpayment in stock market crash. So you guys are doing much better than me.

43 and don't own hahaha not too hopeful at this point that I'll own. That being said I'm a pretty happy person and rich in community and love. Ok with it. Also glad I didn't have FOMO and panicked to buy the past couple of years. I am just happy being debt free, having a low cost of living and making decent money while having a good work/life balance.

39, condo mortgage paid off 10 years ago, could afford a house now with no or minimal mortgage but waiting to see….

39, hope to be done by 45.

Early 40s almost 4 years in, will have 22 years remaining in just over a year at renewal (knocked off 3 years by paying a higher monthly than required) - over a million mortgage will be left at renewal... hoping interest rates are under 4% by then

35 and never further, thank you for asking.

Sorry

32 years old, 9 years in, owe $381,000

35 and I'm 20% of that way through the principal.

That's the hardest 20%!

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That makes no sense. You're going to have to pay a huge early payoff fee.. and if you could afford 600k in 3 years why not just buy straight up

How..? High income?

That’s an average of just over $14k a month so I’m assuming super high income or expecting a windfall 😂

Of course. That’s around $170k into the principal per year not even factoring on interest. Easily $200k a year in payments.

29 - 0 years left

38. Paid first mortgage off after 6 years when prices skyrocketed and I sold the place. Paid second mortgage off (335k) in 6 years. Third house paid cash (800k). Live like a hermit and dump every dollar you have at it.

Finished at 37 yrs old. Had a mortgage for 5 yrs. Finished in 2020. Im 40 now. When we bought we had a mortgage of $370k. Live in Toronto

33. Paid in full. Both houses. The third house is being paid by renters. About 32% complete

36 got 11 years left. Started 5 years ago with a 25 year amortisation. Overpaying trying to crush it as quickly as possible. Could pay more but don’t want to hold back our lifestyle and what we enjoy too much. Still have to enjoy life IMO. If things change and we find ourselves earning more we will pay down faster.

39 never had a traditional mortgage. I did a HELOC paid off condo in 4 or 5 years, i think. Condo is not ideal, though.

37 and 25 years. But it’s a dream home and significant upgrade from before. Had we kept our prior starter home it would of been paid off in 6 more years. We question from time to time if right decision

I am 36. I have around 13 years left.

25 - $120k downpayment made on preconstruction condo open for occupancy next April. Stressed the heck out about mortgage 😅

54, mortgage free on primary house, and rental paid off a few months ago. Spent last 2 years aggressively paying off rental. Didn't want to renew this year.

33, about 23 years to go, owe about 430k I think. We own a detached home in NB.

39, planning to have it paid off Nov 2024. Have about $155k left right now.

38, got $160k left. It started at $280k. 9 years in, want it done in 5 more.

32. 10 years left on one property and 20 on the other but considering selling one to pay the other off.

25 don’t have one 😂

26 years old. 4 years in, 21 more left.

34, 6 years in, 19 to go... but I have an aggressive plan to reduce that to 13 years to go.

31, 5 years in, 265k left.

42 payed off 3 years ago

29 - 9 years 5 months to go (accelerated bi weekly payments only so far as have been paying off student loans/cars), husband is 30. We got our mortgage at 24/25 respectively. 218k of 302k to go.

39 this year 24 years left. Re-amortized after a divorce, it’s about 320,000 at 2% with 3 years left. At renewal I’ll probably put a substantial amount towards it if interest rates are still around 5% and cut the balance in half.

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33 with 226 months to go with 208k owing BUT we did buy a vacation property in 2021 and that has 339 months with 190k owing - we have stretched our amortization out in anticipation of making additional double up payments as allowed by our FI. With rates being so low (1.69 & 2.19 respectively) and me being on mat leave we've decided to hold off and potentially due lump sum payments at maturity.

42, bought last year, so 24 years to go, but paying bi-weekly so that should knock a few years off the end date. Put 20% down on a small detached house for $266,000, so have \~ $208,000 left on the mortgage.

30, \~7 years in, 100k-ish left for a 1BR

45, 18.5 or so years left. I pay weekly so if I kept it up it will be paid off sooner anyway, but plan to have it paid off in 10 or so years.

42 with 14 years left. I hope to pay it down a little faster.

20s, 22 years left.

39, 16 years left …

35. was supposed to be done in 4 years (started 4 years ago) but taking a HELOC now and I think it will take another 8-10 years. all good I guess.

43. 13 years in, 2 years left to go. Was a 30 year mortgage but had regular double ups and made lump sums with tax returns.

23, around 35 years…

34- 15 years to go if I go on my current timeline, but I’m expecting to save a bunch and put extra down on my next renewal. I’d like to have it paid off by 45, but I can cut down to 40 I think I’ll be in a good spot.

Age 42, 13 years of home ownership and will be paid off this year.

41. Hopefully 2 years out but could be 3-4. We are actively trying to overcome the last bit but don’t want to sacrifice too much of our lifestyle, especially with our kids moving out in the next 2-5 years.

33 . Still got 7racks. 35% down payment.

43. Paid off 11 years ago.

37, 15 years left but low balance relatively. Hoping to pay down sooner.

38; 12% of my mortgage is paid off (3 of 20 years)

27, 1 year in. 24 years and 465k to go

29, 480k to go, building another house this summer

43 and 5 left

Paid mine off at 50

30. It's paid off

32. 20 years left.

35 years old. $550k 5 years to go. Doubling down on the mortgage payments as I locked in 5 year fixed. Rates may go down it may go up. But I dont need to worry for the next 5 years, but laser focused on payments.

Goal was to pay off by 40, squeaked it in with a few months to spare. Double income, one income was dedicated to mortgage and extra payments.

Mid 30s. Hoping to be done in about 10 years. Slowing down since I learned that $ might be better put into ETFs than prepaying (locked in low rate).

29. 11 years in, 2years too go

34, 12 years left

60s. I used to be mortgage-free for a number of years, starting around age 55, but when I moved three years ago I got a new mortgage because paying 2.8% while earning 6% on investments is a no-brainer. Plus, having a mortgage does good things for your credit rating.

27+ more years to go!

37, almost 5 years in. Paying off the balance when due in May given the interest rates.

42, maybe a decade? Depends on how much focus we put on it in the coming years.

Thanks for asking this question— the answers have been quite interesting to read through. 33 here, mortgage at 25. 8 years into 25 year mortgage. Remaining mortgage is $124,000 and I hope to pay it off sooner than the 14 years remaining!

32 - 17 years left

late 20s, just started last summer. hopefully will cut the 25yrs down to 20-- id be happy with that so we'd be mortgage free a bit before 50

33. Got 89K left on mortgage, will take 18 years unless I do lump sum payments. Pay $500 a month.

40. $220k to go

28; 28 years left in Toronto.

35 y/o with 20 years left on mortgage

36 with 30 SO, we are about 15 years away from paying our principal residence mortgage. \~$292k remaining

33, 5 years in. 20 more to go 🤢

36. 16 years to go if we follow the schedule. However, planning to increase payments to pay it off sooner.

34 and about 14 years left. Had multiple roommates the first 8 years and I did double payments for a couple years. 173k left

42 ... one year left. Had Covid not created some employment speed bumps ... it'd be gone already.