Hey Mustachians,
I’m new to site, but already enjoying planning to be FI in 10-12 years! I do have a question I would like help with. I just bought a house in October and am currently paying an additional $250 every month, putting my mortgage payment at $1250 per month. If I were to only pay this amount, I would pay it off in 18 years which by normal standards is great, but much too long by MMM standards. I think that my wife and I can get it done in around 6 though. My question would be, is it worth it to bust it for 6 years to pay off my mortgage, if I have to sacrifice socking away a lot of money in my investment account? It would look like ramping up my mortgage payment to 2k in 2016, and 3k for about 4 years after that. My wife and I currently bring in about 90k gross (around 70K after tax), and up until this month have not been living a mustachian lifestyle (granted we just got married in July and had nothing to start a home with). We’ve done some budgeting and I think we can get by on $2,000 to $2,200 a month not including mortgage and tithes, so let’s say 3K not including the mortgage. We currently have about 15K in school debt, which I am planning to have paid off by spring of 2016. With just an average of 10% salary increase each year, we could still do 3K on the mortgage and save some, but nothing crazy. I do currently get all of my employer match, which puts around 11% of my paycheck into my 401K. I know after the mortgage is paid off, it will be a 5% return forever, and we could save like crazy then. Just wondering if it’s worth it. Thanks in advance for the advice!