Does it Make Sense to Keep Your Mortgage For Tax Deductions? – Family Budgeting

Be aware of the actions you’re taking. Perhaps you’ve seen some videos explaining what you should do to get your mortgage taken care of. You can get more tax deductions by keeping your mortgage than investing money which could be utilized to pay the mortgage. This may seem like the right idea but the math isn’t working out. In this video, we will be able to understand the reasons why this is not a good idea.

New home constructions will be quite expensive. Actually, every home could require that you borrow money. Since you will have to continue making the payments, it can create headaches later. These headaches are easily avoided if regular payments are made and the mortgage completed early. The savings will be significant. Problem with the concept of saving your mortgage to use for tax deductions is that the majority of people will take the standard deduction , rather than the deductions that are itemized. Additionally, there are bound to be unexpected expenses and people will not have the funds to invest an additional amount of money.


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