[1]After investing in a home, buyers can expect to be billed for about 15 to 30 years every month, a payment that homeowners would not likely want to drag out for the entire allotted time on the loan.
Let's face it, there is a reason hot markets are considered to be "hot." To live in these areas is going to cost a bit more than the average, median-priced home in a cooler market, ultimately stretching out buyers' mortgage payments for a longer period of time.
A report from Realtor.com [2] found that "not all mortgages are created equal. And depending on where you live, it’s feasible to either fast-track that payoff—or come to the harsh realization that the end is nowhere in sight."
"Some homeowners are desperate to do whatever it takes to fast-forward to the day when they’re debt-free; other savvy investors prefer holding on to a predictable monthly mortgage payment and putting extra cash in the stock market for a higher return," Realtor.com said.
Aside from personal preferences such as schools and crime rates, homeowners need to consider their financial prospects for the duration of the mortgage loan. Realtor.com says this is determined by how much you earn and where you decide to purchase a home.
Realtor.com came up with two lists of the top ten markets where a mortgage loan can be paid of fastest and slowest, using down payment of 20 percent and a 30-year fixed mortgage rate and also taking into account median home price, income of homeowners in each market, and a 28 percent debt-to-income ratio.
Realtor.com's top 10 markets where you can pay off your mortgage the fastest:
| Rank | Market | Median list price | Number of years in which you can pay off mortgage |
|---|---|---|---|
| 1 | Cleveland, Ohio | $128,000 | 5.4 |
| 2 | Rochester, New York | $135,000 | 5.6 |
| 3 | Pittsburgh, Pennsylvania | $148,000 | 5.8 |
| 4 | Buffalo, New York | $143,000 | 5.9 |
| 5 | Columbus, Ohio | $165,000 | 6.1 |
| 6 | St. Louis, Missouri | $157,000 | 6.2 |
| 6 | Indianapolis, Indiana | $148,000 | 6.2 |
| 8 | Cincinnati, Ohio | $160,000 | 6.3 |
| 9 | Detroit, Michigan | $169,000 | 6.8 |
| 10 | Kansas City, Missouri | $180,000 | 6.9 |
Realtor.com's top 10 markets where you’ll pay off your mortgage the slowest:
| Rank | Market | Median list price | Number of years you can pay off mortgage |
|---|---|---|---|
| 1 | Los Angeles, California | $609,000 | 29.4 |
| 2 | San Jose, California | $852,000 | 29.3 |
| 3 | San Francisco, California | $748,000 | 27.5 |
| 4 | San Diego, California | $583,000 | 26.2 |
| 5 | Denver, Colorado | $474,000 | 21.3 |
| 6 | Miami, Florida | $328,000 | 17.9 |
| 7 | Portland, Oregon | $388,000 | 17.1 |
| 8 | Riverside, California | $334,000 | 16.7 |
| 9 | Sacramento, California | $358,000 | 14.8 |
| 10 | Austin, Texas | $370,000 | 14.6 |