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When it comes to personal finance and even business finance, the question has been around for years as to whether it is better to pay off your mortgage early or keep it. There are are different opinions for certain but one this it has to do with is your long term financial goals. Lets look at some of the schools of thought.
 

1) Having a mortgage is a great write off – While this is true if you are doing the long form and can itemize your deductions, you have to look at your percentage of savings and versus your interest paid. Most people are finding that they are saving more money even without the tax write off.
 

2) Using your mortgage as a savings vehicle is not a stable theory right now. Taking the amount of money you would have been paying your mortgage company and investing into an investment process where you can track the percentage of growth makes more sense. Your retirement is going to be much more stable with a greater amount of savings that you were able to invest for your future.
 

3) Eliminating debt is a strong argument – With the instability in the job markets, the investment market and the stock markets, being as debt free as possible is a smart step. What you gain in financial freedom speaks louder than any tax write off.
 

4) Paying those interests rates only make the bank rich – It is scary to look at the 30 year amortization table when you take out a loan… enough said.
 

Sit down with your tax adviser and see how much you would save and gain if you lost your mortgage deduction and started loading your IRA’s, Roth’s, 401(k)’s, Money Markets and every other savings vehicle you could. I think you would start a plan to get your mortgage paid off immediately.