In thread after thread, people on here say that if they won the lottery or otherwise came into a lot of money, they’d pay off their mortgages as one of the first things they’d do.
Why? Considering the normal rather low interest rate of most mortgages, and the historically higher rate of return, this isn’t necessarily a particularly good decision in that situation.
Essentially you can invest that 200k, pay your mortgage off over 30 years and end up with more money at the end of the 30 years, than if you’d paid the house off immediately.
Extremely simplified, if you’re investing at a return of 8%, and paying 6% on the same amount of money, you can pocket 2%.
Obviously if your taxes are exorbitant or your rate of return isn’t very high, you could easily lose money by not paying it off immediately, but I don’t think this is the case very often.