littleroc02us
Moderator
Cash: $ 205.35
Posts: 1015
Joined: 09 Feb 2009
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quote:
Originally posted by vinotht
I might be wrong. Instead of payoff the mortgage loan completely you can do it as a advance payment. So you can have more tax benefits.
If you do the math on a tax benifit on a mortgage and say that it's better, you can't do math. If your paying interest of 16k to the bank each year for your mortgage at tax time you can only deduct your tax bracket percentage. so if you were in the 25% tax bracket you would only get back 4k. So how is it better to send the bank 16k to avoid sending 4k to the IRS. Personally I would rather pay 4k..
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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