5. Your peace of mind. The sense of security you get from owning your home without any debt can't be quantified, but it's certainly worth considering. "Many people feel better not having any debt on the balance sheet as they go into retirement," says Weaver. "As a general rule of thumb, we recommend that they try to reduce their required monthly bills, so paying off the mortgage gives much more flexibility in their monthly expenses." However, that rationale only applies if you plan to stay in your home long-term so you can enjoy mortgage-free living. If you're planning to downsize once you retire or move for other reasons, you might not reap the same benefits of an early payoff.