There is a financial advisor, who by the way, is also a best-selling author, who recommends that you should never pay off your house. The big reason for this is that the interest you pay is tax deductible; so, having a house loan is an excellent method of borrowing money with little interest attached. There's a very big flaw in this scheme that he doesn't tell you.
Only a small portion of the interest you pay will come back. All of the interest you pay is tax deductible, but your tax rate (bracket) will determine how much you get back from the federal government. To give an example, if you pay $12,000 in interest, and your marginal tax rate is 28%, you will get back from the government $3,360. That means that $8,640 in interest payments is lost; it's unrecoverable. All of the interest that you paid (less taxes) goes to the bank that lent you the money. The reason why you shouldn't rent an apartment, or another house, is because rent money is lost money.
As time passes and you make your steady payments on your house, lost interest (unrecoverable money) goes down because the interest portion of your monthly payments goes down. It'll be similar to rent money coming down, except if you're really renting an apartment, you won't be seeing your landlord reducing your rent payments. When you completely pay off your house, the deductible interest may be gone, but so will lost interest (unrecoverable money). That's why you should pay off your house.
So, why is that financial advisor, and other financial advisors, recommending that you don't pay off your house? The answer is simple. Instead of your funneling your money into paying off your house, they want you to funnel your money into investments that'll allow them to earn a commission. The interest that you paid (less taxes) goes to the bank.
I have a loan amortization spreadsheet that will allow you to calculate monthly payments, see your year-end deductible interest and tax savings, and see your lost interest, among other things. If you look at it, let me know how you like it.