If you also take into account the fact that you can eliminate your MIP (mortgage insurance premium) in 5 years if you have no default and your home value is appraised at least at 80% of your final purchase price you will not have to pay any more MIP altogether.
If you are wise, you would apply the extra funds towards your mortgage. True, you could always give yourself a raise and reward yourself. However, your loan still has 25 more years left on it. It might be money better spent in securing your future instead of buying something that just doesn't last or appraise in value like most homes do over time!
Buying a home is one of the smartest investments you could do. It is a great tax write off and an awesome way to plan for the future. Almost always, a home will gain value over time. So if you are a business owner of someone looking to spend their money wisely in Utah, the best thing to consider at this time is to see if you qualify for a FHA home loan or refinance!