How long will it take me to pay off a house that's about $60,000?

How long will it take me to pay off a house that's about $60,000?

Postby Justin » Fri Oct 29, 2010 6:05 am

So I'm 16 and I'm moving out in less that 2 years to go to college. i don't want to live in the dorms and I don't just want to go to college and then move back home for a while. I want to buy a home (ewspecially because they're at their all time low). I'm not sure how the real estate market will be in 2 years, but we'll use the $60,000 pricing for now. So I looked online at tyhese condos in South Carolina and found anamazing one that i personally like. Not too fancy. Not ghetto. Just perfect for me and several friends who I'm going to charge rent to live with me as roommates.

So my family's house payment is roughly $800 to $1,000 a month. I'm not 100% sure the exact amount. so I'll say within that area. I've alreadt got about 5 people willing to move in with me and share a room with someone else. They're willing to pay about $200 a month th live there. So that will be the house payment and whatever else I need to use to pay it off.

So how long will it take me to pay off my home that's $60,000 and I'll pay between $800- $1,000 a month.

(P.S. If anyone knows about realestate, please offer me any advice on buying a home at my age and what not. Thank you so much. It'll be my first home so I'm not sure what to do exactly lol)
BTW I am planning on staying in the home i choose. it's not just for schooling.
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