We currently have a 30 year fixed mortgage owing just under $199,000 at 3.375%. We are 3 years into our mortgage. Y and I were talking the other day about retirement and we want our mortgage paid in full prior to retirement. He is eligible for his full pension when he is 59 or 21 years away. I decided to run an amortization table with the intent to pay it off in 21 years. It came out to just under $1110 monthly so I'm starting to pay that amount starting in July versus the $1000 monthly that I had been paying.
I'm happy with this decision but I still struggle a bit with it. I know I could probably achieve better than a 3.375% return but we are saving aggressively. For the most part, I do disagree with putting all extra money toward a mortgage because of the math behind it. But I do not want a mortgage in retirement so I'm going ahead with it.