How much debt you have? Mortgage and student loans included.

[Anonymous]

None.

[Anonymous]

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Anonymous wrote:800k mortgage on a 1.4 house. Nothing else.

Nothing else, says the person almost a million dollars in debt!

they didn't say anything about their total net worth, even setting aside the equity in the house which more than covers their debt. You do understand how 800k in unsecured debt (credit cards, student loans) is very different than a loan on an asset where they still have more than 40% equity?

I've got a 1.2 mortgage on a 2.2M house at a 2.5% rate, no other debt. Plenty of assets elsewhere. and to answer someone else's question, PITI is 7100.

This. We have $700k in mortgage debt, on a house worth about $1.3m (or something like that, it may be more, prices are going nuts these days), at 2.625% interest, and no other debt. I have no intention of paying it off before retirement, or even after I retire, at that rate. I suppose we could have prioritized paying it off, but that would have been supremely ill-advised, both in the abstract and as life turned out - we need the greater liquidity to pay for some costly medical treatments and therapies.

The anti-debt evangelicals are just so myopic.

We paid off our house and it’s freeing so we can pay for other thing like medical. The difference is living under our means. Our house is ver small and under $400k, yours is worth three times what ours is.

Not in the DC area, huh?

I don’t know where that poster lives but you can find fixer-uppers in my Silver Spring neighborhood for $400-450k.

Context is important. Just because someone can currently find a home somewhere in the DMV doesn't mean it likely that a person discussing a paid off home is from the DMV.

I wish these posters who stumbled on this board from other areas would preface their location in their response.

Yes, I am. We bought fixer upper that you’d never buy and diy most of it except roof and siding. After a few years refinanced to 15 from a 30 which kept our payment the same but we paid in a few hundred extra each month. Then we recast a few times and always paid the same amount with more going to principal. Not hard to do.

I'm in Arlington. We bought a house for $600,000 in 2003 and were able to put $150,000 down using equity from a condo we bought when we first got married (those shot up in value around here in the late 90's), we refinanced to a 15-year in 2010 when rates were down to about 3 percent--so our payment went up--and now we will be paid off in about 2 more years. People who bought in the DMV from the mid-90s to the mid-2000s benefitted from a big run-up in prices and low rates for refinancing in the 2010s and if you didn't take a lot of money out, you could be paid off or almost paid off by now in your early or mid-fifties.

Also Arlington with a very similar story. $625k home in 2003 with $200k down from previous home. We're mortgage free in our early 50s

Pays to be a boomer. Young generations are screwed. And yeah I know you’re technically gen X but you’re still a boomer in spirit.

[Anonymous]

Zero. Grateful for that. We own our house and cars outright, and no student debt. We don’t have a huge annual salary for this area though.

[Anonymous]

About 10k on a car. 2.99%

[Anonymous]

52k in car loans
600k in mortgages across 3 houses (2 are income producing)
no student loans one kids in college. Full pay.

[Anonymous]

Anonymous wrote:

Pays to be a boomer. Young generations are screwed. And yeah I know you’re technically gen X but you’re still a boomer in spirit.

If you have a degree and are conventionally attractive you too can have wealth.

[Anonymous]

Age 53. We have about 30k left on our mortgage (originally 150k, Chicago suburbs, bought in 2012 when homes and rates were really cheap). No car debt no student loans. Two kids in college paying from savings and cash flow, no loans for them either.