I think if you don't make a whole lot of money (like retirement is going to be kinda scary) and you're living in the house you're planning on dying in, paying it down makes sense. it's a very easy way to hold on to some wealth and get to the point that you don't have house payments anymore. maxing out 401k is better, you'll end up with more money, but there's some real security in outright ownership.
Paying down the mortgage with the rates we have now, aside from personal security, don't make much sense to me. If you're in an ARM and the payment keeps creeping up, then yeah, it's a better move to pay down early.
> Paying down the mortgage with the rates we have now, aside from personal security, don't make much sense to me.
You must be quite young. The 25-30 year window most people are now taking mortgages out can cover dramatic economic swings. Thirty years ago mortgages in my neck of the woods were up around 20%.
Assuming that rates will be this low forever is like believing we were in a "long boom" in 1999.
Paying down the mortgage with the rates we have now, aside from personal security, don't make much sense to me. If you're in an ARM and the payment keeps creeping up, then yeah, it's a better move to pay down early.