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I have both a mortgage and student loans, as many now do. My mortgage is at 5.5 % with ~ $250k balance and my student loans are at ~ $98k with 2.125 % interest. The remaining number of payments are about equivalent (~25 years). So, the question is does it make more sense to pay down the mortgage faster through higher extra payments or get rid of the student loans asap or do a mix of extra payments on both?
Right now I think of my student loans as part of my mortgage, but the total estimated interest paid over the life of the student loans is ~$40k while the cumulative mortgage interest is >$200k. Therefore, wouldn't it make more sense to pay down the mortgage that is also at a higher interest rate, faster?
The way I pay today is a little extra to the student loans and about 1 extra payment per year on the mortgage. As my income changes I adjust the mortgage payment a little higher each year similar to my retirement savings.