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Buying a house (Payment question?)?

So my sister and I have finally found the house for us, but we definitely do not want to lock ourselves into a 30-yr mortgage. I know that, typically, the 30-yr is what people choose, but we're not interested. The buyer asked for $71,000, which we were willing to pay considering we were looking for anything under $100,000. We are now wondering whether or not there is some sort of payment plan where we could pay off this house in 5 years. Yes, I know. Ambitious. We're willing to go without a few luxuries for awhile so that we can get this house paid for and then begin the renovations we had planned. 5 years? Is it possible? P.S. -- We know very little about the process of buying a house..Don't get me wrong, we've done our fair share of research, but we've pretty much only come up with the 30-yr mortgage thing and whatnot. So if what we're asking is done more commonly than we believe, pardon us for asking a possibly ridiculous question.

Public Comments

1. Start calling banks in your area and tell them you are interested in a 5-year mortgage. At the worst, you should be able to get 10-year mortgage with no pre-payment penalty. Just make extra payments (you can use a mortgage calculator to estimate what the payments would be on a 5-year and make them...when you get close to paying it off, call the bank a few months ahead and track your payoff figures monthly after that until you hit a payment you are comfortable with). This also provides a safety valve in case the 5-year payment is too high for you to swing easily one month, you can just make the 10-year payment and then resume the 5-year payments the next month.
2. Have you thought about a 15 year fixed? With no early pay off penalty Then if you simply make a house payment every two weeks. or twice a month. You will have it paid for in 7 years. Ok, so it is two years past your five year plan. But that gives you room in the event a crisis was to arise. I would really think about it. Health issue, Job loss, Death in the family (God Forbid) but those are all real things that can effect you and your sister. If you are on the 15 yr note and your situation changes. You still have the option for pay monthly. for a while until you recover. There are many styles of loans out there. Simply speak with your lender explain your plan to them and see what they say. Good Luck and God Bless.
3. You do realize that if there is no prepayment penalty you can get a 30 year mortgage and pay it off as early as you like. I would go 30 years, because picture this. If your 30 year monthly payment was (lets just say) $300 a month, but the 5 year monthly payment was (again lets just say) $800 a month. If you go the 30 year option then if you need to make a normal payment for a few months... say someone looses a job or other unexpected comes up it doesn't hurt you. That's how my in-laws did it and they paid off their 30 year mortgage in like 7 years. Basically all they did was send in double or triple the amount required every month. According to what they had available.
4. u are making something simple into something complicated. each month, make 4 payments; on the first, make 1/2 of your due payment [on a 30 yr mortgage] and write out a 2nd check that is to go strictly towards principle and state so on the check. on the 15th of the month, duplicate what you did on the first. IN 3-8 yrs, depending on the amount of the principle only check 2x a mo, you can have the house paid for
5. The only options are 15 year and 30 year. Of course, you can pay as much as you want and pay off your house within 5 years, if you're able.