Depends what you are paying off. If primary residence, then pay off the mortgage if you have no intention of selling and moving in the next five years. The mortgage on your primary residence is a liability on an asset that does not generate any income for you. Pay off the mortgage and then redirect the principal and interest portion of your monthly house payment into an income producing asset.
If a rental property, then let's talk about it. If the property is generating a positive cash flow, then your tenants are paying your mortgage loan plus you get to take a rental expense for the mortgage interest. I mignt be more inclined to keep this mortgage in place and use my extra cash to purchase another investment property.
