2017:The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017.

2018: The standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses.

So right now I have a mortgage where the interest payments are $7400 a year. My taxes on it are $2400 a year. That totals $9800 a year. I have less (on average) less than $2200 in other deductions a year. (My state income tax is a different situation - we can pretend it's 0 right now.)

So I itemize.

But if I'm reading this correctly my tax advantage for my modest condo will be wiped out next year - am I reading this correctly?

I could , in theory, pay off the mortgage and not see any disadvantage tax wise (assuming no other changes.)