Invest or pay off mortgage
Situation
Owe 118,000 on mortgage at 5% interest rate on 10 year term.
Want to buy a new house that is worth 280,000. Current house will sell for 200,000. Should I pay current mortgage off in the next 3 to 4 years and cut back on investments. Or should I sell now keep investing put new house term over 20 years and put anything I get from income tax onto new house. Spouse and I are 31 years old no other debt except car payment.
Bottom line
1. keep doing what I'm doing sell and get into longer term with dream home.
Or
2. pay off existing mortgage quick so I can have large down payment on next house. But also have to sacrifice investing so much for next few years until mortgage is paid off