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How does paying off your mortgage affect your taxes?

The IRS allows you to deduct all the interest you pay on up to $1 million of home mortgage debt if you're married filing jointly or $500,000 if filing separately. When you pay off your mortgage, you stop paying interest and lose the ability to write off that expense. This makes your taxes go up.

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1	Which is better mortgage or home loan?
2	Can you get a personal loan to pay off a mortgage?
3	Can you pay off a mortgage early?
4	What's the best mortgage rate?
5	What type of mortgage is an ARM?
6	Will a Heloc lower my credit score?
7	Can I borrow money on my house?
8	What happens to joint account when someone dies?
9	What is the cheapest way to borrow money?
10	How can I get money for a downpayment?
11	What happens when mortgage is paid off?