Quote:
Originally Posted by tvp2003
If you make $100k per year, that's $75k net. Pay half of that to the mortgage (which is quite high -- $37.5k or $3125 per month), and you can pay off a $450k mortgage (not including taxes/utilities/maintenance) in 15.5 years, assuming a 3.5% interest rate constant throughout.
Pretty steep numbers if you ask me; if you started at 25 you could do it just after you turned 40...
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That tax number is low too unless you're a business paying yourself. To get to 25% on a regular salary, you'd have to put a fair chunk to RRSP which obviously wouldn't be going to the mortgage.
You could do it quicker, but how much would you be enjoying life while doing it. You may be able to live well at 45, but living your entire 30's house poor would be awful.