What a great question. Obviously there are a lot of factors to consider. The link below discusses the Obama administration's plan to limit the deduction of home mortgage interest for wealthier Americans. Even if they do not eliminate the home mortgage deduction, it's important to remember, you only receive the tax rate benefit for a deduction. If you are in a marginal fed and state tax rate of let's say, 40%, you are still losing 60% of your interest. It's important to note that large mortgages were in vogue during the Carter era as the highest marginal tax rate was in the 70% range. With this kind of tax rate, you would save 70% of every dollar of deduction. Credit card interest was also deductible then.
Also, if you or you husband are going to be deployed during the next four years, you may not need the deduction as badly as some and the tax benefit of mortgage payments is severely reduced in this case.
Finally, I believe you need to also consider utils. Utils are the measurement of enjoyment or comfort. It may be an aspect of your personality that you would feel better if your mortgage was paid off or in other words, for you there may be a high degree of utility in paying off your mortgage. If that's true, this may be the right plan for you.
Also, you can always refinance at a future date. I believe 40% of all Americans do not have a mortgage, so, if you do pay it off, you're not alone.
http://money.cnn.com/2009/02/27/real...ction_slashed/