多交了税, paid less interest, got more free cash flow

	with loan
Rent	100
Interest	10
Tax rate	20%
Tax	18
Net Income	72

	Paid off
Rent	100
Interest	0
Tax rate	20%
Tax	20
Net Income	80

It means use $10 to trade $8. This is year 1. If you plan to spend $80 each year. The paid off one generates perpetual $80. The one with loan is not perpetual. In year 2

	with loan year one	Year 2
Rent	100	100
Interest	10	10
Tax rate	20%	20%
Tax	18	18
Net Income	72	72
Cash on hand	10	2
total cash	82	74
spend	80	80
remaining	2	-6