I have a 4.75% mortgage rate. Would it be best just to pay off the loan?

Not in my opinion. 4.75% is very low. The tax breaks you get will more than offset the cost of the interest.

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Originally Posted by ScottGem

Not in my opinion. 4.75% is very low. the tax breaks you get will more than offset the cost of the interest.

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Hmmmm
The annual interest is around $8K and therefore the tax break is only a little over $2K... unless I'm missing something.