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I'm torn. Fiscally, it seems like a bad idea, but emotionally, we have been saving and want to enjoy some of our savings.

You had mentioned that you have kids who will be leaving for school around the time that you would be paying off the mortgage.

If you are planning to help them financially with college, how would your new mortgage impact your ability to save for college?

Myself: My in-state university (Rutgers) is up to about $30K a year for IN STATE tuition. For two kids, that's around $250K for all kids, considering that it will be some time since mine get there as well.

That's a huge nut to crack. While you feel that having no mortgage payment may balance out the need for upfront savings, do you believe it will be in-line with your plans for your kids' higher education?

Of course, this is all about what you think you'll be doing with regard to what you're contributing to the kids' education, if your philosophy is such that they will primarily be handling it themselves with loans, this is a non-issue for you.

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