I would 2nd the EF question.
Beyond that, it depends what you would do with this money otherwise. If you would buy another CD, the loan pay down is the better choice. Even after the tax deduction, the true rate on the mortgage is higher than what you'll earn on a CD.
I'd want to know, though, how you are funding your retirement plans. Are you maxing out your 401k/403b plans? Are you maxing out your Roths (if eligible)?
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Steve
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