I bought my first property a week after turning 26. It was a two bedroom, two bathroom, 1,000 sqft condo in Pacific Heights, San Francisco. It was nothing fancy, but it had one car parking, and a terrific view of Lafayette Park. The condo cost $580,500 and I put down $120,500 for a remaining $460,000 mortgage that I finally paid off 12 years later in mid-2015!
My original goal was to pay off the mortgage by 2013 (10 years), but life got in the way as it so often does when we aren’t honed in with our finances. The original mortgage rate was 5.85%. After several refinances, it went down to 3.375% and I no longer had the urge to pre-pay as aggressively.