<prompt> Human: I am in the market to buy a house and I have enough to buy it outright, but it would take most of my savings away. People have told me I shouldnt because I get to write off the the interest, but isnt the interest just more money I am paying. Any advise would be much appreciated.  <response>: No, those people are idiots. Write off your interest just means youll be able to reduce your taxes by deducting the interest you paid on your mortgage. If you pay 5,000 in interest youre not getting 5,000 back when you file your taxes. 