Pay on house or invest

I have a mortgage of $199,900 on a house valued at $350,000. This is a 15 yr mortage at 4.25% int. with a $1500 a month payment. I am paying $3000 per month payment so it will be payed off in around 7 years. I recently came into some money ($70000) and was wondering if I should put some or all this down on the house to get it payed off earlier or try to invest it into something else like realestate or something else. I plan on retiring in about 7 - 10 yrs. I am very handy and had thoughts of starting into some type of bussiness but not sure what it would be.

Any thoughts?

dobbs1

Re : Pay on house or invest

You should talk to a financial adviser to get proper advice, however if I had to guess at an answer and we were thinking purely in terms of value for money, then the quicker you pay off the mortgage the less interest you will pay on it and therefore your money will work harder for you.

However if there are repayment penalties and if you can get greater interest elsewhere than that interest which you have to pay on the mortgage then again this could complicate things!