So I'm updating our budget after a recent pay increase at work, and as I'm playing around with the numbers, I think we could pay off our mortgage in about 7 years if we are aggressive with it. Aggressive meaning putting what would go into our HSA and my Roth IRA each year towards the mortgage instead. I would still put the minimum amount into my 401K to get company match (4%) but no more than that. When I ran the numbers, we would pay off the house in a little over 7 years. If we throw me expected bonuses and our tax return at it as well, that would probably knock of another year or so. BUT, this would reduce the amount of money put into my 401K, IRA, and any other investments during that time.
Curious to hear what others would do in this situation. I would LOVE to have a paid off house by my mid-to-late 30s, but also know that this time is critical in terms of growing our retirement accounts.
More helpful background info:
Salary is around $108K with bonus
Amount left on mortgage is $188K @3.875%
Current 401K, HSA, and IRA balances are around $50K (combined)
My age is 31