Originally Posted by SeekingJoy
Compound interest works both ways, and although our fixed mortgage rate is low it isn't nothing. The bottom line for us has been that "investing" in paying off our mortgage has net us more than it would have invested in retirement.
Originally Posted by Denvergirlie
What the PP said plus you can deduct your interest on your mortage from your taxes. It's still not going to offset that cost entirely, but unless you can pay off the mortage fast, it's no wise to wait on savings goals.
Mortgage interest can't be deducted in Canada.
I like the Dave Ramsay thread for motivation, but I am NOT doing the steps in order, lol.
We have an emergency fund larger than the baby e-fund he recommends, but less than the fully-funded one.
Our mortgage actually has the highest interest rate of all of our debts. And our mortgage has limits on how much you can pay extra on it each year. So our plan is to pay the max amount on the mortgage, and throw any extras beyond that to the smaller (and lower interest) debts we have. Once those smaller debts are gone, we will continue paying max on mortgage, and then extra will go to retirement.
Because of what SeekingJoy posted above, we should come out ahead in the end. Besides that though, DH has a defined benefit pension plan at work, and we are still fairly young.