https://www.drcalculator.com/mortgage/
Property $250,000
Downpay $0
Principal $250,000
Interest 6.5%
Term 15 years
Payment $2,177.77
Expenses $0.00
Total $2,177.77
Start date Sep 1, 2025
End date Aug 1, 2040
Length 15y
Reduction None
Total int
$141,998.31
Total pay $391,998.31
Extra pay $0.00
Savings $0.00
Interest would be deductible but is significant to the total purchase price. 56%.
(Will the rental valuation increase by 56% in value over that time? Or the primary residence? There is a slowdown in the market and your local area might change for better or worse.)
If you have excess income for your lifestyle costs and need a lower bracket, keep the mortgage and current setup. You should also consider if your primary residence is in a desirable area and will appreciate or decline. Would living in the rental satisfy all your needs? Same access to services and goods? Job income dependability? If you are unsure start cutting overhead now.
(How much rental income will it bring during that time? It depends on the supply of good local renters and economy.)
The stocks could have gains. But they could also take a dive. It's a gambling world out there.
(Inflation, debt, BRICS, it all gets complicated)
Also consider the property taxes over a fifteen year period on both properties. A Homeowner's Exemption (if applicable in your area) can have a great impact on what you will be paying over time. For instance, I also have a small primary and a small old rental which makes zip, but every 8-9 years I pay in prop tax the equivalent cost of my house sale price. It adds up over time.
You might want to write it all down on a couple pieces of paper and weigh the different scenarios with your wife.