I have never seen a rich man say he got rich by paying someone interest on money. Your 31. So double up on some payments and you can have that loan knocked out in under 10 years or so. Then take the money you had been paying in payments and save/invest it. By the time your ready to retire you will be setup fairly well.
There are other things to keep in mind on owning your home. If you have a loan you can lose your home. You never know for 100% what will happen. If you suddenly are unable to work having your home paid for means you can ride it out for a longer period.
We paid off our first home in under 10 years. The farm in 12 years. It made things tight at time but later on we where able to ride out the rough times while others went broke.
So I would keep a good emergency fund and then pay off the house ASAP, regardless of the interest rate.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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