23 News financial expert Scott Laue says it makes better financial sense to pay your mortgage on a regular basis and invest the extra money. He says paying off early means you can’t deduct your interest payments of your taxes. Studies show most Americans pay more than $10,000 in interest each year. But Laue adds using that as a tax deduction saves you more than $2,500 in taxes. Plus, he says pouring all of your money into your home means its stuck there until you sell it.
Here’s an interesting fact for you’re as well, the word mortgage in French and translated into English means “death pledge.”