Not only did we appreciate the tax-deferred savings, but let’s not leave out the employer matching, which was an additional incentive to save.
Besides, when discussing mortgage debt-payoffs, let not forget that all it means is that the bank no longer owns the note on your house.
You still owe taxes, every year, no matter what. So who really owns the house at the end of your mortgage? Hint: it’s not YOU.
Obviously, my monthly budget has little wriggle room in it, but my balance sheet looks better every month.
Another benefit is the ability to borrow from it, and paying it back at low interest rates. I don't recommend it for frivolous stuff, of course, but it means I don't have to go to my banker to be told no for a home improvement project.