Tax deduction for mortgage interest. Good or Bad?
Some misguided souls advise that you shouldn’t pay your mortgage faster than necessary, because you will lose your tax deduction for the interest portion of your payments. Don’t buy that argument! Depending on your tax bracket, most people will only save about 25 to 33 cents in income taxes for every dollar you pay in interest. If you think spending a dollar to get back 25 or 30 cents is a good deal, we have some bridges and swampland we would love to talk to you about.
