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NewIberiaHaircut
LSU Fan
Lafayette
Member since May 2013
8436 posts

re: How much equity do you have in your home and When do you plan on paying off
Paid $200K in 2009. Hopefully it’s worth a little more than that now.

I owe $113K @ 3.125% and will be paid off in 12 years. If we stay in this house then it will be paid off by the time my oldest gets a learners permit.


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Gene Frenkle
LSU Fan
Member since Feb 2016
133 posts

re: How much equity do you have in your home and When do you plan on paying off
Just hit a year in this house and have ~$120,000 in equity. We should be here for 4-7 more years before we relocate again for work, but with a rate of 3.125%, we aren't currently putting anything extra towards the principal. Will likely pay a little extra once the school loans are knocked out, but it's highly unlikely we'll pay it off prior to moving.


meansonny
Georgia Fan
ATL
Member since Sep 2012
7886 posts

re: How much equity do you have in your home and When do you plan on paying off
Built in 2006 for $237k.
Owe about $156k.

Not only do we pay the minimum, but we refinanced in 2011 for a lower rate and it happened to reset a fresh 30 years on us (this is not a brag. I know this is the wrong way to go about it).

Otherwise debt free. Shoveling a lot to retirement and savings while I can. Soon, the focus will be 4 kids in college. After that, back to focusing on retirement and paying off the house.

I'm 8 years in on a 30 yr mortgage. Kids will be starting in college just over 3 yrs from now (fall 2022). On 4 year plans, I will be out of the college game after spring 2028.
Looking at these numbers, I don't see us paying the mortgage off for another 15 years at least unless the wife goes full time somewhere.


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Dawgfanman
Member since Jun 2015
6357 posts

re: How much equity do you have in your home and When do you plan on paying off
Owe 60, worth about 180...thinking about using some equity to put new siding, windows and deck on it. It’s a small house I inherited (and it’s mortgage) that needs some work but is on 5 nice acres.


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Fat Bastard
Boston College Fan
Member since Mar 2009
40129 posts

re: How much equity do you have in your home and When do you plan on paying off
a shite ton of equity

paid off back in late 2011 or early 2012


nugget
LSU Fan
Member since Dec 2009
7514 posts

re: How much equity do you have in your home and When do you plan on paying off
quote:

a shite ton of equity


Gotta leverage that equity baw


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Will Cover
Vanderbilt Fan
Thompson Station, TN
Member since Mar 2007
34565 posts

re: How much equity do you have in your home and When do you plan on paying off
quote:

How much equity do you have in your home and When do you plan on paying off


Over $200K and will be paid off in 7 years (2.85 % interest rate on 15 year loan).

quote:

What are y’all doing in terms of paying off your home? Paying minimum and investing difference? Everything at mortgage?


2.85 % is free money.

I'll have a paid off house before I am 50 --- and then I'll start paying myself my mortgage note --- in addition to already contributing to 401 K and maxing out Roth IRA. No debt, except for our house and liquid to cover 2 years worth of emergencies.

If things go well, living in my 50s will be great (from a financial standpoint), health not withstanding and assuming my wife will still keep me as her husband.
This post was edited on 5/16 at 9:20 pm


MrJimBeam
New Orleans Saints Fan
Member since Apr 2009
2338 posts

re: How much equity do you have in your home and When do you plan on paying off
Very nice, Will. I plan on having our house paid off before 50 as well. Hopefully the real estate business will be going well as another side. I should be able to retire at 55 with 30 years at my company. Hoping to be a solid financial position, but being just married and kids in the future I'm sure it'll all get pushed back 10 years


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USA
Member since 2001
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sonoma8
LSU Fan
Maurice
Member since Oct 2006
5747 posts

re: How much equity do you have in your home and When do you plan on paying off
Built in 2017.... Im 99% sure this will be our forever home unless something catastrophic happens. Owe 298k, last appraisal was $400k. Interest rate is 4.5%. We make biweekly payments so we pay an extra note a year. Should we increase our biweekly payments or put more money into our retirement accounts?


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TigerGrad2011
Member since Aug 2016
625 posts

re: How much equity do you have in your home and When do you plan on paying off
About $75,000 of a home with a value of about $320,000. I think we will be moving well before we pay it off into a “forever” home.


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GCTigahs
Member since Oct 2014
706 posts

re: How much equity do you have in your home and When do you plan on paying off
That’s my goal as well, to have it paid off before I’m 50, the wife will be 45. Paid $220k in 08, refinanced twice (last in ‘11) and owe around $100. I’ll be 45 last this yr and we have a couple toys to pay off but still think we can pay the house off in 5yrs. The kids will be in 4th and 3rd grades next yr and the plan is to put them in parochial school in the 7th grade. The goal is to pay off the house so that money can pay for tuition. Wife and I both have been maxing our 401k’s for the last 5yrs. The wife has some company stock she could sell 5yrs from now if things get tight with the house plus tuition if we don’t quite make it. As long as we stay in our current job situation, I don’t foresee any issue. Just maybe a belt tightening for a yr or so.

We’ve contemplated buying my in-laws place as they are ready to down size. But a 2 story 3700sq ft house on 8 acres with pool and pool house will put us in the same situation they’re currently, which is trying to find someone to pay a premium price for a great house and setup but not in a great location. And it would probably force us to get into a new 30yr to make it work with the upcoming tuition, and that’s not something I want to do at my age. But man, I love their place and hope they don’t have to sell.


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rilesrick
Member since Mar 2015
5863 posts

re: How much equity do you have in your home and When do you plan on paying off
$200K equity will be selling and retiring in next 3 years. WNC mountains here I come


Zappas Stache
Utility Muffin Research Kitchen
Member since Apr 2009
23548 posts

re: How much equity do you have in your home and When do you plan on paying off
Bought in 1999 for $200k and now worth $550k. I re-fied in 2004 and took some money out when I started my own business so I owe about $150k w/ 15 years remaining on the mortgage. I am very happy here and have no intention of selling unless property taxes force me out. Property taxes and insurance are now more per month than the principal.


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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
59925 posts

re: How much equity do you have in your home and When do you plan on paying off
Current home is valued at $375K and it's paid for.

About to build one that will cost me about $550K. Not really looking forward to the experience, but we'll see how it goes.
I will take out a mortgage on that one, but plan to have it paid off in about 4 years time.


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ThatsAFactJack
Seton Hall Fan
East Coast
Member since Sep 2012
1313 posts

re: How much equity do you have in your home and When do you plan on paying off
Value of home: 190K
Principal Bal: 145K

Equity: 45K

Won't pay off this home. Will use the equity in 3-5 years to upgrade or build.


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