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It depends entirely on the prevailing interest rate. I have a 3% mortgage. I could pay it off if I chose. But I can earn just over 4% on a CD and rather more on other investments. But in today's market it would be a much closer call. You can earn more than 6% but the return is speculative and the markets are uneasy. If faced with the choice today I'd lean to paying cash if I could or minimizing the principal with a large down payment.
Depends on the interest rate, of course. It was not that long ago when rates were sub 3% while moderate-risk investments (e.g., low-cost index funds) typically return 2-3x that. And mortgage interest for most homeowners is deductible.