Does paying a lump sum of money towards your mortgage help or hurt your taxes or not change it with a 30 year fixed loan?
For example, I bought a house in 2021.... I made an additional lump sum payment of $10,000 in 2022 and $10,000 in 2023. I know I can deduct the interest and since its a 30 year fixed I am paying a lot of interest in the first few years.
By paying down my mortgage I know means I pay off the loan sooner but don't really pay less interest this year...correct? So would it affect my 2022 and 2023 taxes by paying this lump sum?
Thanks
