<prompt> Human: I understand there is an income tax benefit for mortgage payments. I also understand the house richcash poor scenario. We are trying to save for 3 kids college expenses, and it feels like a waste to pay interest on something we are able to wipe out. Id just like to hear some pros and cons.  <response>: Good idea:Feels good not to owe money.Saving on interest rate.Bad idea: If you were to borrow money... mortgage is one of the cheapest rates you can get.Can you get a better return anywhere else? Liquidity. If you needed the money youd have to refinance your home or take out a line against it. Not end of the world, but it can be tough in a pinch. 