We had a pretty serious money talk last night.
As mentioned on a previous post, D and I came together each with separate assets and finance structures. He sold his home, moved into what was my home and 1 1/2 yrs later, we bought what is currently our home.
From the sale of my home, I paid for half of our house right away. D has been paying off the remainder of the mortgage since then. Similar idea for the ski condo. Current amortization: 9 yrs 4 months.
Inspired by other bloggers like Death to the Mortgage, I drew up a new payment plan which involves me paying a good chunk of the yearly allowable prepayment to the mortgages so that we will be able to clear both in 5 years time.
The fly in the ointment...
D wants me to back off and respect the original agreement. If I do that, I will have a lot of money left over each month to put into savings, be able to cut out my Fridays sooner and retire sooner.
Because I am in the "common pot" frame of mine, I don't feel it is right but he feels I'm being pushy about it and that I've done my part, now let him do his. He has no grand plans for early retirement like I do and would like to retire by 55 but is OK with working til he is 60.
What would you do? I would like to see us mortgage free in 5 years, even if it may mean sacrificing 5 years of big savings.