<human>: Can you give me a shortened version of the text?

Hi /r/personalfinance,

My wife and I are relatively new parents with a healthy 6 month old.  We bought a house (~160k) back in Dec 2013.  This is the only debt we carry currently (Both cars are paid off and we do not carry CC debt) The home has 30 year, 7 year ARM with a current APR of ~3.2%.  The intent was to have a starter home to live in for 5-6 years and move into something better before the rate changed on us, we also hated renting and wanted a taste of homeownership before buying the home of our dreams.  

3 years into that mortgage we are very close to having enough saved up to pay off the remaining priciple on the house which is ~122k.  We have not been aggressive in paying the mortgage off, we have been just paying the minimum w/escrow so the principle has not come down very much at all and we have been paying primarily interest.  

Paying off the mortgage would wipe our savings but wouldnt necessarily wipe us out as we would have some money to carry us through. My rationale being thats ok since we no longer have a mortgage to worry about and we could continue to save even more.  I understand would still be on the hook to pay taxes/home owners insurance, as well as utilities and that shouldnt be a problem for us.
<bot>: Should I pay off my 122k home and wipe out my savings in an effort to save more money and not pay mortgage interest?  What other things should I consider? This is the only debt we carry.