TatteredDignity wrote:Hutz_and_Goodman wrote:NYC 2nd year. Maxing out 401k and saving 1k a month on top of that. We have a child and daycare is 2k a month. We're luckily buying an apartment and the tax advantage of owning will help (mortgage interest deduction).
Confused about this. You're adding an expense--interest payments--and then recouping 25-30% of that expense due to deductibility. How is that a net gain?
Presumably mortgage interest - deduction will be less than what they currently spend on rent?