Posted by steve_in_mo on March 08, 2014 at 06:38:35 from (71.1.111.121):
In Reply to: paying off mortgage posted by austin carpenter on March 08, 2014 at 06:18:21:
Math is hard for some people; logic, too. They probably think their mortgage interest cuts their income taxes on a dollar-for-dollar basis.
Reality is you only get a small part back, and that's only if you can use itemized deductions. Most people can't anymore.
The sad part for your co-workers is that it doesn't take much of an additional monthly payment to cut the term in half, but you have to start at the beginning.
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