BellaOnline Forums Money Investing Should I pay the mortgage off??

I definitely agree that workings towards paying off a house loan more quickly is a great way to go. You save a great deal on interest, you have peace of mind about not losing your home. Knowing your home is safe is such a powerful stabilizer ...

[quote=WestCoastDenise]Mortgage tax deductions are important so if you're making a lot of money, you definitely need that.quote]

I took a class through Crown Financial Ministries a while back and they recommended completely paying the mortgage off. People assume you're in for it when tax time comes around because you don't have mortgage interest to write off, but what they recommended is to give to charities the amount you were paying on mortgage interest (for us it's about $700/month right now).

Just think of the benefits other people could receive from your responsible planning - and you get to write it off all the same on your taxes so you don't owe any more/less than you did before! I think this is what we'll end up doing...all in good timing!

Thanks for all of the feedback!

I agree completely. You may also ask about the IRA deductions to reduce income which helps for retirement.