How long does it usually take to pay off an averaged priced house?

Question

And after done paying, what do you pay after that 0$ dollars a month?

Answer 1

30 years

Answer 2

The price of the home would not have any bearing on how long it takes to pay it off. There are 2 major types of loans. Fully amortized and Interest only. The latter would give you a lower payment and more control over your finances and would enable you to choose how much money you want to put toward the principal amount on your house thereby paying it off quicker if desired. An amortized loan builds the time it takes into the term. For instance you can get a 50-45-40-30-25-20-15 or 10 year loan that structures the payment according to the term you choose. If you pick one of these you are controlling exactly how long you want it to take to pay the house off.Just keep in mind, with an amortized loan, although you can make extra payments any time you want, You are paying the interest for the entire term of your loan in the first half of the loan before any money goes to the principal. That's why I prefer the interest only options.

Answer 3

Most generally, an average person can get a 30 year or 15 year mortgage. Most mortgages include the price of your home-owners insurance and the taxes on the house. After the mortgage is paid off, the owner still must pay insurance and taxes. This applies to average priced homes, very expensive homes and smaller, cheaper homes.

Answer 4

The most normal is 30 years. Some go for the 15 year. Also you may apply to the principle as you like. Many years ago, each year when I got a tax refund I applied it to the principle of my loan. Save lots of money and payed my house of nine years early. This is best to do in the first seven to ten years of your mortgage.

Answer 5

Most mortgages are for 30 years. After that, you only pay for maintenance and taxes. The deed is conveyed to you and you own it free and clear.