Would we end up with more money at the end of 30 years if we refinanced to a 15-year mortgage and stopped paying into our retirement funds during some of these years, or should we stick with a 30-year mortgage?
I am 34 and my husband is 38. We are almost one year into our current mortgage. After buying the house, we no longer have a safety net saved up, so we are rebuilding that. We have been and still make the maximum contributions we can both make to our Roths as well as traditional IRAs, so we are saving about 15% total of our income towards retirement every month. We can afford the new mortgage payment and continue saving towards retirement, but we will not have any money left over to contribute towards our safety net. If we refinance, it will be tight.