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Reply to "Saving for college vs paying off house"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]PPs who paid off in 3 years here--the mortgage deduction was meaningless to us, as it didn't offset the additional interest faced by keeping the mortgage. [/quote] This is --- literally --- identical reasoning to saying that a 40% off sale is meaningless to you because you'd still have to pay 60% of the original price for the item.[/quote] No, this getting not it at all. Imagine you are buying a shirt on layaway (anyone remember that), so you are paying extra for the shirt. Price + layaway costs. With The mortgage interest deduction, you get 40% of the amount added for the layaway costs. PP, who paid early, is saying buy now - only pay principal (i.e., for the shirt)-- don't spend more to layaway (I.e., interest) For what it's worth, I think real issue is whether money tied up in a house is "better" than money invested in the market. However, on the interest point, the PP who paid early is right on.[/quote]
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