reason not to pay it off that is not often being discussed is having the mortgage is a great hedge against inflation. Why pay off your mortgage today when the dollars you use to pay it in the future are worth less than current dollars. With mortgage interest rates sub 3% now your real interest rate is effectively zero. And if inflation ever increases the real interest rate on your mortgage could even turn negative. Paying off a 30 year mortgage with rates sub 3% does not make financial sense. If you are the kind of person that sleeps better at night having paid off your home that is a perfectly valid reason to do so. But recognize that you are paying for that peace of mind, and it is not saving you money in the long run.