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BGG5

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mortgage question
I have about 9 years left on my mortgage. Will sending an extra payment every 6 months allow me to pay off a few years early or has most of the interest been paid already thereby decreasing the effect of making extra payments?

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Top Contributor
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Check out the amortization calculator on the left pane of your screen.

Most of your interest has been paid, and you're mainly paying principal. If you file long form on your federal taxes, then you're able to deduct interest. Since you're on the tail end of the loan, then there isn't much of a deduction at this point.  Any extra payment will decrease the life of the loan. 

I would like to suggest when you finish your mortgage that you put those payments towards an IRA savings account. Depending on your age and marital staus, it can benefit you tax wise.  While there is a maximum deposit; with the extra payments there are so many avenues to invest in. A good financial advisor will charge 1% of what is invested. 

I did this, and some of my medium risk investments were earning 10% and one at 14%. 

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