Another thing to consider is the effect of inflation on your debt. If inflation is 20% over the next 3 years, then your debt is 20% less. So you're better off putting the money into a safe investment that's inflation proof.
As others have stated, the issue is really with your ability to save. You can get a 1 year GIC at 4.75%. That's better than paying off your debt, with a sub 2% interest rate, now. Another thing I'd look at is penalties and how much of your mortgage you can pay off without a penalty.
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