Why so much in savings? Shit or get off the pot, man!
27 is very, very young. If I was 27, with $60K in cash I would put a good chunk of it to use. Invest while time is on your side!
If you feel like the mortgage is a ball and chain, think about a cash-in refinance. You've got a $950 mortgage payment and 4.5% interest. Imagine having a $550 mortgage at 2.8%.
If you're paying PMI, get the hell out of it pronto!