UCGuy, I’m not much in the mood for crunching numbers now, but I will offer you another point of thought.
You have stated that you are in your early 40s. 30 year loan will take you past your retirement. You need to be able to pay off your mortgage to live comfortably when older! That in it of itself begs urgency. Understandably.
I would also urge you to reconsider the 5 bedroom house. Your housing situation is very much the situation my parents were in when they decided to buy. 3 kids, aging parents. They got a five bedroom house. Now my grandparents have passed away and my sister and I have practically moved out. In a couple more years there will only be two of them living in a 5 bedroom house. I think in hindsight they might have gotten a smaller house and just let everyone swish a bit. Perhaps this will result in a mortgage that is less risky for you at this point.
