I am basically putting everything I can save up to pay off my mortgage. Will this be frowned upon?
Not by anybody who's opinion counts.
Will it raise a flag for any reason?
No, not a bit.
Just read your loan contract and make sure that there aren't any Pre-Payment penalties. If there aren't, go for it. Even if there are, it might still be worth it.
I just never believe in paying interest and my loan amount is for quarter million so if I stick to the minimum monthly payment I'll be paying out the wazoo in interest.
That's right.
A $250,000 mortgage at 6% for 30 years is about $1500 P and I and will cost you about $290,000 in interest.
If you pay $4000 P and I you will pay off the loan in 6 years and 3 months and the total interest will be about $50,000.
After that, when your house is paid for, you start putting that $4000 per month in a retirement plan and you will be able to retire very comfortably.
If your interest rate is different than the example you can use the following amortization calculator:
Mortgage/Loan Calculator with Amortization Schedule
Now, some people may scoff at the idea and tell you that you lose your tax deduction if you pay off your house. That's true but here's how I look at it.
Using the above example, the first year interest is about $14000. If you are in the 25% tax bracket you reduce your taxes by $3500. That's $3500 in your pocket and $11500 down the toilet.
If you had no mortgage payment and no interest to deduct you would pay $3500 on that $14000 part of your income and put $11500 in your pocket.
Which would you rather have in your pocket? $3500 or $11500?
(I know what my answer is.)
I have been without a mortgage for almost 18 years and was able to retire at the age of 59 with a ton of money in my retirement fund and bank account.
In addition to the financial advantage of not having a mortgage there's also a psychological advantage. It was a wonderful feeling making my final mortgage payment. But you know what was even better? Opening my checkbook the following month and realizing that I didn't have to send all that money to the vultures at the mortgage company. It was positively euphoric. Even to this day, the euphoria of not having a mortgage persists.
Getting your house paid off as quickly as you can is the best thing you can ever do for your financial and emotional well being.