Paying off the mortgage on your personal residence has no effect on your taxes in most cases. The mortgage interest you pay is entered on Schedule A as an itemized deduction.
The total of all your itemized deductions on Schedule A must be greater than the standard deduction for your filing status to have any tax benefit. So if you are not itemizing deductions, your mortgage interest paid has on effect on your tax return.
Standard deductions for 2024
Single - $14,600 add $1,950 if age 65 or older
Married Filing Separately - $14,600 add $1,550 if age 65 or older
Married Filing Jointly - $29,200 add $1,550 for each spouse age 65 or older
Head of Household - $21,900 add $1,950 if age 65 or older
