If you got a mortgage that went into effect prior to December 15, 2017, you can deduct interest on loans up to $1 million. For any debt incurred prior to that date, however, you can only deduct interest on the first $750,000.

Regardless of when you got your mortgage, holding onto the loan longer will let you claim that deduction for the loan’s duration.

2. Home equity loan

If you have a mortgage, you will be able to take out a home equity line of credit (HELOC). And if that loan is used to buy, build, or improve a property, the interest you pay on the loan is deductible, according to the IRS. You will also be able to deduct the interest up to $750,000 on your mortgage and HELOC combined. Therefore, if you want to make a major renovation, it is in your best interest to hold onto that home loan.

3. Higher returns elsewhere

Repaying your mortgage early may mean that you do not have any money free to invest elsewhere, therefore limiting your potential for cash returns. One option for investing is to purchase rental property, rather than pay off your mortgage early. You will just need to make sure it makes the most sense for you financially. A mortgage calculator, mortgage pre-approval, and speaking with a mortgage professional can help.

4. Other high-interest debt

Compared to other forms of debt, a mortgage is comparatively cheap money to borrow. Therefore, it may make more sense to use any extra money you have to pay off more expensive debt, such as credit cards or any other high-interest debt.