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Many people consider whether or not they should pay off their mortgage early. A mortgage is one of the biggest expenses in most people's budgets. Therefore, eliminating it can feel like a huge burden lifted off your shoulders. However, in some cases, paying off your mortgage early is not always in your best interest. Here are a few things to consider before paying off your mortgage early.
The tax advantages of having a mortgage can be beneficial. If you are currently making a mortgage payment, the majority of that payment goes toward interest. Mortgage interest is a tax deduction. In fact, it is one of the biggest deductions that many people have. Getting rid of your mortgage prematurely can impact your tax payment at the end of the year. You will be paying a higher effective tax rate as a result of the change. Consult your accountant before you make any decisions and see how much money you will be paying in taxes.
Paying off your mortgage can be a great boost to your psyche. When you pay off a huge debt, it feels like a major burden has been lifted from your shoulders. You know that whatever happens, you now own your house. Of course, you will be left paying taxes on the home, but the amount
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