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You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building wealth, and outrageous generosity.

Today's question comes from Jamie in Minnesota. She said, my husband and I are 51 and 53.

We're debt-free and have three cars that are fully paid for with a household income of $150,000.

We are debating whether or not we should sell one of our cars worth $50,000 and apply that to our mortgage. We owe about $93,000. We are debating whether or not we should sell one of our cars worth $50,000 and apply that to our

mortgage. We owe about $90,000 on our mortgage and will be paid off in one year if we sell the car

versus three years if we do not sell the car. My husband thinks you should not pay off your house

early because we can't deduct the mortgage interest on the tax

returns and he's afraid we'll owe the IRS.

Last year we paid $3,097.67 in 66 cents in mortgage interest.

Can you provide some feedback on that and what your recommendations are?

Okay.

Well, the mortgage or the tax deduction in general,

including mortgage interest, is the biggest piece of mythology in all of personal finance,

because it requires that people forget how to do sixth grade math.

Let me walk you through it.

If, Jamie, if you actually itemize, then you can claim your charitable deductions and your

mortgage interest rates.

By the way, last year, because the standard deductions are so high, almost no one itemized,

including you.

You probably didn't even itemize.

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