Paying off a mortgage

[Lajm]

I have few deductions and would like to explore whether using standard or itemizing would be best for me and how TurboTax can help me do that ?

Would it be beneficial for me tax wise to pay off my  $100,000 mortgage at 3 7/8 interest rate if using the standard deduction?

[RogerD1]

When entering your information in TurboTax, you will enter your Mortgage Interest and property taxes in the Deductions and Credits section of the return.  Once you are finished with Deductions and Credits, TurboTax will show you graphically whether Itemizing or Standard deduction is better for you.  For most tax filers, the standard deduction is more beneficial than itemizing.

There is no tax benefit for paying off your mortgage early as you will mostly be paying down the principal with a small portion of the paydown going toward interest that has accrued since your previous payment.