Thank you all for your quick and well informed replies. This board is now on my faves.

Here is what I am thinking:

Maybe I put down a 50% downpayment. I'll still have a large emergency fund, money to invest for kids college, money to spend on necessary items so I won't have to borrow (car, furniture, etc.), and reserve funds ready if the right investment opportunity comes along. Then I start to pay off this loan somewhat aggressively. If I can do that, I can have it paid off in 10-15 years. If for whatever reason it is too hard to pay off that much, then I don't have to.

That will be about the same time the kids start to go to college. DW and I are of the mindset that we will not be fully funding college costs. It would be too hard with 4 kids, and both of us went through college and graduated with little financial help from parents. But we do want to have some funds available as a help. So we'll have a fund, but I don't think we'll be working to pay off college in those years.

So in my mind, in about 15 years, we'll have the mortgage paid off, we'll have nice (I hope) investments diversified over a variety of vehicles, and kids will be out of the house (well, maybe, but they'll be 18+).

As far as employment goes, I have some interviews lined up next week in my new location, and I don't have any fears of not getting a job. Of course, who really wants to work?

Dozer