Hey Tunc... due to your age, my knee-jerk reaction is to recommend the Roth 401k. There are no income testing limits, so even if you "make too much" for a Roth IRA contribution, you can still contribute to the Roth-401k.
While Kiplinger and Money magazine's used to say that it is a good idea to shorten your mortgage, then the rates were much higher. Also you may be able to afford it now,, but can you afford the extra payment in the future.
We don't know what income tax bracket you will be in 40 years, we may even have a different tax system then. We may have 3% income tax rate and 55% sales tax rate. Who knows. However, if you happen to loose your job and you
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