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Rick is right, folks. The thing you guys are forgetting is that interest paid on mortgages is tax deductible.

Screw the IRS and their complicated formulae. Screw the financial institutions while you're at it.

"Get out of debt" is the best advice I gave to one of my Army friends before he retired with a fat paycheck as a Colonel.

If you have substantial loot that you can invest ON TOP of paying extra to get rid of the mortgage quickly, then perhaps.

But financial planners would disagree.

Even if the IRS is gone and the deduction goes the way of the dodo there are STILL advantages to the 30 year note. A perfunctory knowledge of economics assists in understanding the situation. Does it guarantee success? No, but hey this is life not Paradise.

I look at it like this: It's better to have bigger cash stocks or liquid assets than to simply not have debt. But house notes are COMPLETELY different type of debt than credit cards.

But even with credit cards, sometimes it's better to carry a low balance and make the minimum so that you have a greater cash supply on hand for a given "tough" month.