Should we pay off mortgage if it is a loss?

[Closet_Gamer]

Paying off a mortgage is like putting money in at a fixed rate of 4.8%, until you sell. Are you getting a higher investment return than that?

I'd modify that slightly to ask "Are you getting a higher RISK FREE investment return than that?"

I suspect you don't have any other risk-free rates of return that are nearly that high even if you deduct the tax benefit (which effectively reduces the interest rate you're paying on the debt). Even 30 year treasuries are only paying 3.07% right now.

One big offset however is liquidity. If you can get it for free, I would immediately open a HELOC that would let you draw against equity in the home in case of emergency.

My $0.02.