Home › Forums › Financial Markets/Economics › When does it make financial sense to just dump your house??? › EASY – get your year-end
EASY – get your year-end interest statements from last year and total up all of the following:
– property taxes paid – mortgage interest paid (1st and 2nd mortgage)
Then, multiply that total by 34.3% and divide by 12. (At $120k income, you are in the 9.3% state bracket and probably the 25% federal.)
The resultant number is the amount that the house saves you from taxes each month… at least to a very close approximation.
