If you downsize you may still have some cash from the sale even after paying the down payment on another house. This will lower the debt balance. You'll also have a lower mortgage payment on the new more modest home. Since you obviously can afford the current larger payment your making now, pay the difference between that amount and the new lower mortgage each month towards the debt to retire it faster.

With this approach you'll still be using your equity to pay down your debt and free up monthly cash flow to retire it fast. Best of both worlds. You still live in a house you're buying but get debt free much faster than remaining in your current house. Best of all you can do it all with your current income.

Renting is not a good move if you can afford to buy. A mortgage payment is far less per square foot than rent and you are building equity too. Plus interest on the mortgage is deductible. Rent money gets you a roof over your head and nothing else.

Being house and/or car poor are two of the biggest financial mistakes people make that impact wealth creation. A modest house and used car will do more to enhance wealth than almost any other financial decision you can make and the impact is immediate and potentially long lasting.

You're Welcome.