<prompt> Human: We have 2 fixed mortgages. The first has a good interest and should be paid off in just over 20 years if we keep the same payment schedule. Our second mortgage has a high interest rate of 9. It too will be paid off in over 20 years at the same schedule. Update: please note we are underwater and cannot refinance the second mortgage.My wife and I are contributing to 401Ks at least to the matching, and contributing to a Roth IRA every month up to the limit. We have an emergency savings fund with about 6 months salaries.In about 5 years our only child will be going to college. Taking a 5 year time frame, we could either pay off the second mortgage or fund a prepaid for about the same amount of money. Which would you choose? Are there other considerations and options we should be looking at too?  <response>: Student loan interest rates are likely to substantially less than 9. If refinancing for much less isnt an option, pay off the mortgage. 