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Originally Posted by Slick61
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My strategy is to go the interest-only route for a few more years. Now, I'm not out spending that money that would've gone towards the principal... I'm investing it for a little bit of return. With my current mortgage, I don't see the point of paying down the principal right now... so I'll continue to get the maximum tax advantage in the meantime.
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I guess you're aware that you can get the exact same tax deduction giving to a charity.The two are treated the same.
25% tax bracket = $25 deduction for every $100 in interest paid or $100 to charity. YOU CAN GO BROKE SAVING MONEY LIKE THAT.
That is giving the banker $100 to keep from giving the IRS $25.
This really isn't a comment on how you want to do it.You know what's best for you.
I'm just pointing this out because of the number of educated people I've discussed this with that had never really thought about it.
With a charity you can increase,decrease or stop and keep your money in your pocket.
The banker gets you to make his car payment every month,for years & years.