Not Much Sense In Paying Off Early A Low-Rate Mortgage

It's better to use that money to develop a nest egg for emergencies.

Mortgage debt is also tax deductible.

The Los Angeles Times says:

But you need to consider more than potential investment returns when deciding to prepay a mortgage. You have to look at your entire financial picture and make sure all your bases are covered before you pay off a low-rate, potentially tax-deductible debt.

Your lack of an emergency fund is worrisome. Yes, you can tap your retirement funds, but those loans could become taxable, permanent withdrawals if you lose your jobs and can't pay the money back.

It's far better to have cash in the bank to cover the unexpected expenses and financial setbacks that life can present.