Originally Posted by
RedeyeWarrior
Not disagreeing with the math, but I'd rather give to a charity than BofA for the tax benefit. Does not make sense to me to give a bank $20k to save $4k in taxes.
Also, mortage interest only matters if you itemize your deductions. Since the Tax Cuts And Jobs Act of 2017, roughly 90% of tax filers have claimed the standard deduction. As high income earners we are probably more likely to have enough deductions to fall into the 10% that itemize, but as you said above if you do itemize you get the exact same tax savings by donating money as you do with paying mortgage interest.