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Completely Random

December 21st, 2014 at 04:28 am

I just saw a television ad for a credit union in our city offering a mortgage loan for 10 years. They call it a Ten and Done loan. It seems there are likely plenty of credit unions offering something similar.

When I saw it I thought...so about $20K per year if we were to stay in this house and need to pay off our loan in that same period of time. Considering we just paid off nearly $14K without too much effort, it isn't out of the realm to pay off nearly $20K each year for the next 10.

The only hiccup is we are moving this summer. The best option would be to live on an Army post, if that is where assigned, and not have any housing debt. Or pick a home with a smaller mortgage. It will be interesting to see what happens!

If you have a mortgage, could you pay it off in 10 years? Do you want to?

Posted in Home Equity Payoff | 10 Comments »

10 Responses to “Completely Random”

  1. LuckyRobin Says:
    December 21st, 2014 at 04:50 am 1419137431
    1419137431

    I'm not sure. It took us 12 years to pay off our 15 year mortgage, but we weren't really trying very hard.

  2. Homebody Says:
    December 21st, 2014 at 05:00 am 1419138051
    1419138051

    I need to pay our home off in 10 years. I hope to retire then. Mmm.....it is probably totally possible.

  3. creditcardfree Says:
    December 21st, 2014 at 05:05 am 1419138333
    1419138333

    Homebody...that sounds like something to blog about! Miss hearing from you on a regular basis.

  4. Beawealthywarrior Says:
    December 21st, 2014 at 02:59 pm 1419173962
    1419173962

    @Homebody, it's definitely possible Smile

  5. wowitsawonderfullife Says:
    December 21st, 2014 at 04:58 pm 1419181095
    1419181095

    five years left for me. I'd like to do it faster.

  6. Ima saver Says:
    December 21st, 2014 at 05:13 pm 1419182037
    1419182037

    I am happy that I am mortgage free and have been for 37 years.

  7. ThriftoRama Says:
    December 21st, 2014 at 10:01 pm 1419199299
    1419199299

    Yes and Yes. We are three years into our mortgage and it will be paid off in three more years. Our last house was mortgage free and it was liberating to know we owned it free and clear. I look forward to having that feeling and all that extra money again.

  8. Buendia Says:
    December 21st, 2014 at 10:17 pm 1419200245
    1419200245

    The last mortgage I took out was 10 years, but I already had equity... We are paying it off in seven years with our snowflakes... but it was really about that equity!

  9. LittleMissSplendid Says:
    December 22nd, 2014 at 03:08 am 1419217710
    1419217710

    I like the idea of a 10 year mortgage actually. With a good salary, solid EF, diligent expense tracking, and most other debts taken care of I could see how this is possible if someone/s bought a home that is within their means. If I'm still a single gal in a few years and have reached the bulk of my financial goals then a 10 year mortgage might be something I strongly consider making part of my reality.

  10. FrugalTexan75 Says:
    December 22nd, 2014 at 04:06 am 1419221179
    1419221179

    I hope to buy a house in ten - 12 years for cash. So ... mortgage free. (It won't be a 100K house ... more like a 30 - 50k house. Big Grin )

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