The following is from
http://www.usnews.com/money/personal-finance/retirement/articles/2008/06/19/should-you-pay-off-your-mortgage-before-you-retire.html
"The interest you pay on your home mortgage is tax deductible on up to million in debt. You can also typically write off interest on up to 0,000 of home-equity debt. But you benefit from this tax perk only if all your itemized tax deductions, including your mortgage interest, add up to more than the standard deduction that almost everyone gets automatically….. Jonathan Pond, a financial planner and author of Grow Your Money! 101 Easy Tips to Plan, Save, and Invest, argues that you need to be in the 35 percent tax bracket, or make at least 0,000 annually, for the tax break to be worthwhile. Most Americans in the 25 percent tax bracket might pay, say, ,000 in mortgage interest but save only ,500 in taxes."
If I pay ,000 in mortgage interst but only save ,500, that seems nonsmart to me. Is the above quote correct?