giacona

I am considering paying my mortgage off early. I currently have a 1st a 2nd mortgage on my house. I am one who got sucked into an interest only but did refinance 3 years ago to a 30 year fixed, but I had to take a second out to avoid PMI.

I can probably knock the 2nd mortgage out within 5 years b/c it's rather small. I currently owe around 300K on the first mortgage. I took the loan out for 312 when I did my refi.

My concern is I am doing this on one salary. I am not planning on getting married, but if I do that would be additional. I make 55K per yr, and hopefully that will continue to rise. I am 28 years old.

I am going to sign up for the Bi-weekly mortgage program when I can so I can get that extra payment in as well.

I know at my salary I won’t be able to save a lot for retirement until this house is paid off. Once it is I will be putting all that money into my retirement I was putting into the house.

I just recently opened a Roth ira with American funds and contribute 100 a month to that. I also have an employer 401K that I contribute 2% of my salary to but I am not vested yet and won’t be fully vested until 5 years time. I will be 20% vested in 2 years time and more each year. Is it even worth to contribute to the 401K since I won’t be able to take anything if I leave?

What is my best option for paying off my mortgage and planning for retirement at the same time? Should I halt my retirement until this is paid off?

I forget to add I get rental income so it pays a nice portion of the mortgage.

How do I pay this off faster? Does one extra payment per year cut a 30 year to 15 yrs?