Dumb question about mortgage interest deductions.

[temeculaguy]

[quote=mike92104]Tons of good info. I’m not trying to compare to rents. I’m wondering about how much I will save in taxes on a 270k’ish house with a household income of 75k and no kids.[/quote]

If I may offer a suggestion, try to adjust your sights down just a bit. That’s nearing 4x income and you didn’t indicate if you had 20% down, if you are using the 270 figure for tax purposes then it’s likely near the loan size (you can’t use the purchase price for tax purposes, just the loan amount when looking at calculators), that may be too much debt load for you, especially if it’s your first house. There are lot’s of factors like where you are in your life and career, if you will be making more in the near term. I say start the search in the 200-225 range.

3x income is a nice rule of thumb, cushion is good. without knowing a thing about you, no kids now doesn’t always mean no kids ever, ask around, it happens.

And you should compare to rents, it’s a basic fundamental, but tax savings isn’t, that is just a factor. Don’t buy on a factor and ignore a fundamental.

Giving $4 to the bank in order to avoid giving $1 to the government, still leaves you out $3, what these wise people are telling you is that if you are already giving that $3 to your landlord, then it’s time break out the calculator, but if you’re only giving $1.50 to the landlord, then it isn’t.

[Doofrat]

$1230 Married filing joint at 6% interest 1% Prop tax
$3388 Filing single

Those are your savings in tax based on interest and property tax deductions alone at an income of $75,000 for 2008.

[Doofrat]

$1230 Married filing joint at 6% interest 1% Prop tax
$3388 Filing single

Those are your savings in tax based on interest and property tax deductions alone at an income of $75,000 for 2008.

[Doofrat]

$1230 Married filing joint at 6% interest 1% Prop tax
$3388 Filing single

Those are your savings in tax based on interest and property tax deductions alone at an income of $75,000 for 2008.

[Doofrat]

$1230 Married filing joint at 6% interest 1% Prop tax
$3388 Filing single

Those are your savings in tax based on interest and property tax deductions alone at an income of $75,000 for 2008.

[Doofrat]

$1230 Married filing joint at 6% interest 1% Prop tax
$3388 Filing single

Those are your savings in tax based on interest and property tax deductions alone at an income of $75,000 for 2008.

[PadreBrian]

Here’s a home calculator to help you with the numbers:
http://www.gigasize.com/get.php?d=dq7pwb…

(Click link then wait the 30 sec before DL button shows on main page)

Tricked out home calculator. Built on top of someone else’s work on the net. Wave if you recognize it.

[PadreBrian]

Here’s a home calculator to help you with the numbers:
http://www.gigasize.com/get.php?d=dq7pwb…

(Click link then wait the 30 sec before DL button shows on main page)

Tricked out home calculator. Built on top of someone else’s work on the net. Wave if you recognize it.

[PadreBrian]

Here’s a home calculator to help you with the numbers:
http://www.gigasize.com/get.php?d=dq7pwb…

(Click link then wait the 30 sec before DL button shows on main page)

Tricked out home calculator. Built on top of someone else’s work on the net. Wave if you recognize it.

[PadreBrian]

Here’s a home calculator to help you with the numbers:
http://www.gigasize.com/get.php?d=dq7pwb…

(Click link then wait the 30 sec before DL button shows on main page)

Tricked out home calculator. Built on top of someone else’s work on the net. Wave if you recognize it.

[PadreBrian]

Here’s a home calculator to help you with the numbers:
http://www.gigasize.com/get.php?d=dq7pwb…

(Click link then wait the 30 sec before DL button shows on main page)

Tricked out home calculator. Built on top of someone else’s work on the net. Wave if you recognize it.

[Eugene]

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[Eugene]

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[Eugene]

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[Eugene]

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[Author]

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