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The Average Mortgage Debt of Americans at Every Age (How Do You Compare?)

See how your home loan debt compares to that of other members of your generation.

By Michelle Smith

Edited by Chris Kissell

Updated May 7, 2025

Buying your house isn't a one-and-done transaction. Instead, you'll spend years or even decades slowly paying off your purchase.

How does your mortgage debt compare to that of other people your same age? Find out. Then, read through a list of strategies that can help you crush your debt by paying off your mortgage quickly.

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What is the average mortgage debt by generation?

In 2024, Credit Karma analyzed data provided by its 78.2 million members to find out how much the average member of each generation owed in mortgage debt the previous year.

Here is what they found:

Generation Z: $195,849
Millennials: $261.484
Generation X: $240,590
Baby boomers: $188,034
Silent generation: $163,702

Looking at these numbers should help you better understand how you compare to your peers.

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How to pay down your mortgage faster

Whether you owe more or less on your mortgage than other members of your generation, there is a good chance that you want to get rid of your debt as soon as possible.

The following small steps can have a big impact over time if you consistently apply them to your mortgage debt.

Make additional payments throughout the year

Do you have a little extra cash to spend? Put it toward your mortgage debt.

The faster you pay off your principal, the less interest you'll accrue over time — which means every last bit of money you can put toward the principal can pay off in big ways down the road.

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Switch to biweekly mortgage payments

Instead of making one monthly payment toward your mortgage debt, consider paying your mortgage biweekly. This means you will pay half of your regular mortgage amount every other week.

Since there are 52 weeks in a year, you'll make 26 half-payments. That adds up to 13 full payments, which gives you one extra payment every year.

Make just one extra payment each year

Another way to pay down your mortgage faster is to split the cost of one payment by 12, then add that amount to each monthly mortgage payment.

This way, you'll end up making an extra payment over the course of the year without having to change your payment schedule or budget for a lump-sum payment.

Round up your payments

Make the math a little easier by simply rounding up to the nearest $100 every time you make a mortgage payment.

For instance, if your typical payment is $1,540, consider rounding up to an even $1,600. By the end of the year, you'll have paid an extra $720 in total.

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Cut expenses and apply the savings to your mortgage

Not sure where to find extra cash to contribute to your mortgage payment? Take another look at your budget.

Can you save a few extra dollars by switching phone plans or eating out less? If so, consider putting the money saved toward your mortgage principal.

Apply financial windfalls to your mortgage

It's tempting to spend a holiday bonus from work or a substantial inheritance from a relative on something fun. However, you can put windfalls to better use by applying them toward your mortgage debt.

Doing this with every windfall that comes your way can help shave years of payments off your mortgage debt.

Refinance your mortgage

When mortgage rates fall below the rate on your current home loan, you might want to consider refinancing.

Refinancing requires you to pay closing costs on your new loan. So, you will have to do the math to make sure this is the right move. But for many people, refinancing is a great way to save a lot of cash.

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Downsize

Ideally, a smaller house means a smaller monthly mortgage payment.

So, if you no longer need as much room as you did when you bought your current house, consider selling and moving into a cozier home.

Look for extra income and apply it to your mortgage

If you're committed to getting rid of your mortgage debt faster, you might want to pick up a side gig that will help you earn extra income that you can apply directly to your mortgage principal.

If a part-time gig isn't possible for you right now, look around for other ways to generate extra income, such as selling a few possessions.

Bottom line

Taking on mortgage debt is a big commitment that can span decades. Fortunately, there are plenty of smart homeowner money moves that can help you pay off your home loan faster.

Along with the tips above, consider scheduling a meeting with a financial advisor. They can take a look at your specific situation and help you craft an individualized plan for paying off your mortgage.

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