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Money and Finances
Reply to "$300k windfall"
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[quote=Anonymous][quote=Anonymous]to everyone saying "pay off the mortgage", isn't it better to keep some sort of mortgage so you can write off the interest? I mean, sure, knock it down a bit, but a $100k mortgage at a low interest rate means tax savings in most situations, as opposed to a fully paid off house, no??[/quote] Mortgage interest is a limited tax deduction. This means that if you pay $10k of interest to the bank, you can deduct that and save on your taxes. However, you have still paid the full $10k to the bank. If you no longer have a mortgage, yes, your tax bill may increase, however, you will no longer be paying the actual mortgage interest to the bank. OP—at that rate and if all your savings are on track and your budget is solid, I might pay down the mortgage if it feels good. Historically it hasn’t been the answer that results in the most wealth, but not everything is about financial optimization. [/quote]
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