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“Is it better to pay down our mortgage or ramp up contributions to our teen’s RESP?”
– moneysense.ca
Q. My husband and I, both in our early 40s, bought a house in Toronto four years years ago. Since then, our variable rate mortgage has gone up four times and is now at 3.2%.
We have managed to pay down $150,000 of our mortgage in those four years with the extra bi-weekly payments and have $260,000 remaining. My husband would like to stop the extra payments and instead use that money to put towards a Registered Education Savings Plan (RESP) as his son heads to university in four years. I think the money is better spent on paying down the mortgage, which, at our current rate, would be fully paid off in six years, freeing up a lot of cash flow to assist with university costs; I’m also thinking we could take out a Home Equity Line of Credit (HELOC) at that time, if necessary. As interest rates keep rising I think getting the mortgage paid off as quickly as possible is the best choice. What are your thoughts?
–Caitlin
A. Caitlin, you and your husband have been diligently paying down your mortgage with amazing speed…
We have managed to pay down $150,000 of our mortgage in those four years with the extra bi-weekly payments and have $260,000 remaining. My husband would like to stop the extra payments and instead use that money to put towards a Registered Education Savings Plan (RESP) as his son heads to university in four years. I think the money is better spent on paying down the mortgage, which, at our current rate, would be fully paid off in six years, freeing up a lot of cash flow to assist with university costs; I’m also thinking we could take out a Home Equity Line of Credit (HELOC) at that time, if necessary. As interest rates keep rising I think getting the mortgage paid off as quickly as possible is the best choice. What are your thoughts?
–Caitlin
A. Caitlin, you and your husband have been diligently paying down your mortgage with amazing speed…
