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>> “Well now you don’t have a interest deduction for taxes.” <<
Could that be cuz you didn’t have to pay any?
Which is more? The money still in your pocket, or 20% of the money still in your pocket?
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While we had a mortgage we deducted the interest from our mortgage on our income taxes.
When Mr. Roo Roo and I were in our peak earning years, our household income was well over $200k. We paid A LOT of income taxes, even with itemizing on the long form and taking every legal deduction we could. Even though Mr. Roo Roo is now retired and I’m still working, we still get bent over and raped on income taxes every year.
I’m not sure if I understand your last question. Once we paid off our mortgage, we lost our mortgage interest deduction. But overall we saved a lot of money because if we hadn’t paid off our mortgage quickly, we would have paid $150,000 more in interest and only able to deduct about a third of it for income taxes. We saved ourselves at least $100,000 overall.