Irrelevant to this situation comparing apples to apples.
Investment returns are taxed, “return” from paying down mortgage and saving interest costs is not.
For example, if you had the opportunity to invest in mortgage debt on the market at 3% and pay taxes on those earnings, or pay down your 3% interest mortgage.
Investing in the debt securities would yield you a 2.1% return net of taxes, paying down your mortgage pays you 3%. These are risk adjusted returns.
Both decisions carry the same risk profile. Which do you choose?
This is fun. And fwiw I am not nessecarily advocating for paying down your mortgage instead of investing in the market, just that I think the effective return on a risk adjusted basis is technically attractive.
Feel free to hand my ass to me on this one, I realize you do this for a living.