Quoted from WackyBrakke:
I'm 46. No other debt. Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away. 3k/month would buy back approx 5 games a year. With the tax law change my interest is barely tax deductible because of the $24k per couple standard deduction, which means all 4.55% is basically going down the drain. Paying off a house is one of the most financially stabilizing things a person can do, living basically rent free with the exception of property tax, insurance.
I think you definitely thought about it and have the answer in front of you
For myself in 2013 there was a downturn here in my region for project managers and then the flow on effect and was paid out of a job, took 7 months to get another and in the mean time had to sell a few pins and used most of the payout money just on insurances, food etc for a family of 4 and mortgage with still a reasonable debt over our head, got another job and cruised along and was layed off due to restructure and then 2 days later had a surfing accident suffering badly broke collar bone coupled with poor doctor management could not work for 6 months and then got a real good job and made it our mission to payoff everything, which took 2 years and now they are predicting interest rate rise and housing value crash in Aus where many people will lose there houses and have a debt afterwards due to negative value.
The thing is unpredictable things can happen, so for us the best thing was to pay the house off, and yes reno's then come along, as do new cars etc but now that mortgage money to go to those and build up the collection again, no regrets living within our means and could lose our jobs tomorrow and only suffer minor stress.