[quote=smshorttimer]
So your total payment might be the same, but you’ll pay a little less on property taxes and get some more deductible interest?[/quote]
A $600k house w/ 20% down @ 5.5% will cost you $501,139.39 in interest and $262881 in taxes over 30 years.
If rates goes up to 7.5% and price drop to $500k to keep at the same monthly payment, you’re looking at $606,868.89 in interest and $219067.62 in taxes over 30 years.
You can calculate how much more in interest you have to pay after tax deduction but before tax deduction, you’re paying $105k more in interest and $43k less in taxes over 30 years.
