What is the best way to pay off a home mortgage as well as other liabilities?

Income and expenses:

• Mr Jontray has an annual income of $180,000,

• Mrs. Jontray has an annual income of $155,000 with $10,000 in bonuses/allowances,

• Total income equals $335,000 ($180,000 from Mr Jontray, $155,000 from Mrs. Jontray),
  

• Total expenses equals $140,000 ($70,000 from Mr Jontray, $70,000 from Mrs. Jontray).

Residential property: $1.7 Million value

Liabilities:

Mortgage: $550,000

Mr Jontray liabilities: $38,000

Mr Jontray current age is 42 and Mrs. Jontray is 44, both will likely retire at the age of 60.

Answer rating: 100% (QA)

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