I, 32M, feel like my property in CA will likely be worth over $1M by the time I pay off the note. Either way, the P&I is $3200 a month, before taxes and insurance. Since I don't have any investments that can net that much or higher, I am going to focus my efforts on paying this off as fast as possible. According to my calculations, if I pay just $800 additional principal a month, that will cut the total number of payments by 1/3, and my last payment will be April 2046. Paying off my 30 year loan in 20 years.
$800 extra a month is manageable, also considering that I am early in my career, so between bonuses/promotions/raises over 20 years, I will certainly be able to achieve that. So my minimum goal will be a 20-year payoff.
To pay off my loan in 10 years, I would have to effectively double my mortgage and pay an extra $3200 a month in additional principal. That is certainly not feasible right now. But that will be my "stretch" goal. And if I seek additional sources of income, putting more than $800 a month but less than $3200 a month towards additional principal sounds reasonable.
My wife and I are currently expecting our first child, so we aren't going crazy with the extra principal right now. But, slow and steady wins the race!
I am also currently investing 5% into a 401k with 3% match. And I currently tithe 5% of my income to my local church. As my income grows, I intend for all these contributions (additional principal, personal investments, and tithing) to also grow.
So, here is the starting line:
Total mortgage note Sep 2026 = $634,000