Should I pay off my mortgage if I get minister's housing allowance? Won't I pay more tax?

So you went through financial peace and you want to pay off the mortgage like Dave Ramsey says, but you wonder if this will cost you more in taxes because you'll lose your minister's housing allowance. In this video I walk through a few examples of how this will affect your taxes to determine if it's better to pay the mortgage off or keep your MHA at the full amount.

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*Disclaimer: All information contained in my videos are for general educational purposes only. These videos are not meant to be used as tax advice for any specific individual, business, or other entity. You should consult with a CPA or other professional before making any decision that impacts your tax and financial responsibilities. Additionally, I am not a Certified Financial Planner and I do not give investment advice. Any information contained in my videos related to budgeting, finances, or investments are solely my opinions and are not intended to influence specific decisions you may make as it relates to your finances.

[johnfoster]

Does this video include deducting the interest? I really don't even know what that means, I just know I hear people talk about it.

[davidpoupard]

Brad, thank you for the great videos! They are very informative. I am a 55-year-old Pastor. My wife and I are planning to pay off our house this year in a lump sum. At one point, if you had a large housing-related payment like this you could claim it on your housing allowance for a certain number of years. Do you know if that is still true? Thanks in advance!

[georgevalco]

What the interest rate is a big factor…they are rising

[drcshook]

I am a retired pastor of 38 years. Bought a house 2018, would like to pay it off. If I withdraw funds for that can it be for my MHA and if so will I owe income & SS taxes on the withdrawal? Thank you.