At 6 percent you are getting a tax deduction so it is really like 4-5%. You could refinance to a lower rate. But, at 6% it is kind of a toss-up. The average mutual fund returns about 8%, but you have taxes on that. You should make sure you have an emergency fund. If you can refinance to 3-4% I would invest the money. If it stays at 6% then either seems OK. >p?
We paid off our mortgage several years ago. It was not a high rate and it would have been better to invest the money rather than pay off a low-interest loan, but I just don't like debt. The 30 year mortgage was paid off in 12 years.