Mortgage Paydown or Continue to Invest
Good day,
I am struggling with making some larger financial decisions and looking for input, I have spoken with financial advisors but I don't believe that is what I need as my returns are good on my own and they always push products. I have held on to a sum of money anticipating a crash in the stock market, or real estate market for years that I don't think is coming now. My question is simple, should I pay off my mortgage as quick as possible, or continue to invest. Details:
30yo with a spouse, no kids, and no intention to have them
Mortgage is 260,000 remaining on 20 years at 4%, I have the ability to lump sum 60,000 annually if i decide to go this route, I can also increase my payment by 20%, it is 4 years until renewal
I have 160,000 liquid in a high interest savings account
I have 50,000 that I grew from 30,000 in 2 years in my TFSA investing on my own
I have 30,000 in RRSPs
Regular job Income monthly is roughly $4500 cleared
I have rental income (I live in a duplex and rent one half) of $2000 that covers the mortgage and insurance cost of my home.
What is killing me is seeing all the interest every month gone, but I understand the ability to write this off... My thoughts that spiral are roughly $900 a month gone in interest on the mortgage, or if its payed off roughly $900 gone to taxes... but at least no mortgage. Thoughts? Ideas? thanks so much folks.