Paying off the house??????

[Toby]

Hey Friends,
I have been focusing on paying off my mortgage and recently refinanced into a 15 year loan and make the bi-weekly payments on top of paying a little extra every payment. It has always seemed like a good idea to pay off the house because that is the biggest monthly payment for most of us. I am on schedule to pay my house off in 10 years when I plan on retiring. I have a 3.5% interest rate right now.
I am considering refinancing my house back to a 30 year mortgage which will cut my house payment more than in half. I will take the money, about $1200 a month and invest it into my retirement, not sure exactly in what yet since my TSP is maxed but I should be able to do better than the 3.5% I'm paying off. Hopefully at the end of ten years I should have more than enough to pay my house off if I choose to do so and have extra for my retirement. At least this is the thought. Any advice or opinions are greatly appreciated.
Mods, please move if this is in the wrong section.
Thanks
Toby

[maui21ice]

Sounds like a good plan so far. How many years til retirement do you have? It's good you are at the max for TSP contributions so that you already have taken care of.

For that extra $1200 you ae putting away toward retirement, is that toward an IRA, or some other kind of account?

[Toby]

I don't have the extra $1200 yet, that is how much my mortgage payment will drop if I refinance to a 30 yr instead of a 15 yr loan. I will then take that extra $1200 and invest into an IRA or something else, I haven't decided what yet, that will be a question for later when I refi. and have the money available. Im just trying to get my ducks in a row and make a ten year exit strategy and do it in a way to get the most out of my investments.