rschule1
Expert Alumni

Get your taxes done using TurboTax

An important consideration is to determine if in 2022, did you itemize or claim the standard deduction, which could be determined from Schedule A of 1040. If you claimed the standard deduction, then prepaying mortgage will not have any effect. If you itemized then paying down your mortgage could lower your itemized deduction and increase your taxes by your federal and state income tax rates calculated against loss of interest deduction.

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