Tax Downsides to Paying Off a Mortgage
Hello everyone! My name is Jesse and I am a new investor. I am about to close on my first property on march 22nd (tuesday!). It is a $250000 2 bedroom condo in the NY metro area. I will be renting this apartment out after I purchase it. However, I am trying to weigh the pros and cons of aggressively paying off my mortgage.
I graduated school with 100,000 dollars worth of student loan debt in 2013. I started to pay the minimum at first. I asked around about the benefits and found out that I would get the interest back on my tax returns. So I sat around and thought about it. BAsically, I pay the interest to the government for my loan, and then they give it back to me. Sounded like a very silly game to me. So I decided to aggressively pay back my student loans. I finished paying it in 10 months.
Now I know when you buy a property, you get other tax benefits besides just the interest on your tax returns. My question is, is it a better approach to aggressively pay it off like i did with my student loans, or are there other tax benefits to slowly paying off the mortgage?