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Reply to "Is there any reason NOT to refinance?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You might be surprised at how little your monthly expense changes with a refi [b]once you account for the impact on your payroll tax of the reduced mortgage interest deduction[/b]. Just run the actual numbers to see. [/quote] Can you please explain this more? Thanks[/quote] Not that PP (because I think it's an odd point) but basically the idea is that if you are paying 25% in income tax (for these purposes you can basically combine your state and federal rates) then if you save $100 in mortgage interest each month you will only end up with $75 in savings because you will now pay tax on that $100. It doesn't affect your payroll withholding (or payroll tax) unless you file a new w-4 but it will affect your refund in April. Some people don't like giving up tax deductions even if it means they are in greater debt. [/quote]
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