Interesting fact on paying off a house and investing:
Buy a house that you can afford to pay off in 15 years, but get a 30 year loan from the bank.
Example:
House Payment - $1,000 a month for a 30 year loan, $2,000 for 15 year loan
$1,000 to the bank (which covers principle, interest, taxes, and insurance)
$1,000 to investments (this is outside of 401k, 529, IRA, Roth IRA, and general investments)
So a Total of $2,000 a month
Over 30 years, that $1,000 a month into investments can turn into a large number. Use a investment calculator and you can come out with $700,000 + (depends on what you can pay and 8% average return or better). The lower interest rate saving on a 15 year loan is nothing compared to the amount of money this can produce. Ran the numbers of doing a 15 year loan and then investing the entire amount into investements after paying off a 15 year mortgage, and I came up short by $100,000's of dollars. Long and steady wins this race vs shorter and a lot of money.