First, welcome, you will find a lot of people here eager to answer questions - as I have gone down towards the MMM style of life I know I personally LOVE to see people excited about living fulfilling lives and discarding the consumeristic attitude of society.
We are both on the same page when it comes to our new saving regimen
This might just be the way you worded this, but I didn't see the "why" in your post - have you and the wife talked about this? Saving for the sake of saving is one thing, but most people here have very emotional reasons to live such a counter-cultural lifestyle (weird that living within your means is totally counter-cultural...).
For example, I am living a MMM type lifestyle because:
1. I like my job 10x more when I am very, very, very distinctly
choosing to be there
2. I know buying more toys and nice stuff doesn't make me happy
3. Having wealth gives me such significant freedom
4. I dislike the idea of debt
For example, you and your wife might decide you want to be debt free to get rid of the $40kish debt - planning out a budget and predicted payoff date can be quite motivating. Some people moreso than others, you two will have to figure out why you want to live this lifestyle.
We could then rent our house out for more than the mortgage payment by roughly $450/month.
I would be careful with such a simple calculation - there are a lot of costs and time involved with owning a home than just the mortgage payment. Maintenance, months with no renters, etc.
Regarding debt, this is a good article too -
linky.