Why Don’t Mortgage Calculators Factor Tax Break?

[WaitingToExhale]

As a good piggingtonian, I’ve been obsessively going over numbers as we’re looking at a house purchase. The house PMIT is past our upper limit of 28% of our monthly gross, but that calculation does not factor in the the mortgage tax deduction.

In most of the country, the mortgage tax deduction might not make a big difference, but here in San Diego it should be quite substantial, particularly for mortgages of $550K +, and should dramatically affect affordability of the monthly nut. Am I missing something?

[sdrealtor]

Nope. For most people, they should keep it close to affordablity or buy vs. rent without factoring in taxes. Over time as incomes rise with inflation and career growth it will become a better deal. Consider the taxes your bonus from Uncle sam.

[sdrealtor]

Nope. For most people, they should keep it close to affordablity or buy vs. rent without factoring in taxes. Over time as incomes rise with inflation and career growth it will become a better deal. Consider the taxes your bonus from Uncle sam.

[sdrealtor]

Nope. For most people, they should keep it close to affordablity or buy vs. rent without factoring in taxes. Over time as incomes rise with inflation and career growth it will become a better deal. Consider the taxes your bonus from Uncle sam.

[sdrealtor]

Nope. For most people, they should keep it close to affordablity or buy vs. rent without factoring in taxes. Over time as incomes rise with inflation and career growth it will become a better deal. Consider the taxes your bonus from Uncle sam.

[sdrealtor]

Nope. For most people, they should keep it close to affordablity or buy vs. rent without factoring in taxes. Over time as incomes rise with inflation and career growth it will become a better deal. Consider the taxes your bonus from Uncle sam.

[creechrr]

I agree with sdrealtor. The tax break should be looked as a bonus of sorts. If you can’t afford the place without the tax adjustment, you probably can’t really afford it.

That being said. I found an excel spreadsheet that computes the deduction for you based on your inputs. I modified it to estimate your effective payment after property tax and mortgage interest deduction based on your tax rate. I even make an attempt at guestimating PMI.

It has proven to be pretty accurate so far +/- a percent or two.

I think my google query was something like “mortgage calculator excel”.

I think the web site was vertex something or other.

I hope that helps.

Or, PM me an email address and I’ll send you what I have.

[creechrr]

I agree with sdrealtor. The tax break should be looked as a bonus of sorts. If you can’t afford the place without the tax adjustment, you probably can’t really afford it.

That being said. I found an excel spreadsheet that computes the deduction for you based on your inputs. I modified it to estimate your effective payment after property tax and mortgage interest deduction based on your tax rate. I even make an attempt at guestimating PMI.

It has proven to be pretty accurate so far +/- a percent or two.

I think my google query was something like “mortgage calculator excel”.

I think the web site was vertex something or other.

I hope that helps.

Or, PM me an email address and I’ll send you what I have.

[creechrr]

I agree with sdrealtor. The tax break should be looked as a bonus of sorts. If you can’t afford the place without the tax adjustment, you probably can’t really afford it.

That being said. I found an excel spreadsheet that computes the deduction for you based on your inputs. I modified it to estimate your effective payment after property tax and mortgage interest deduction based on your tax rate. I even make an attempt at guestimating PMI.

It has proven to be pretty accurate so far +/- a percent or two.

I think my google query was something like “mortgage calculator excel”.

I think the web site was vertex something or other.

I hope that helps.

Or, PM me an email address and I’ll send you what I have.

[creechrr]

I agree with sdrealtor. The tax break should be looked as a bonus of sorts. If you can’t afford the place without the tax adjustment, you probably can’t really afford it.

That being said. I found an excel spreadsheet that computes the deduction for you based on your inputs. I modified it to estimate your effective payment after property tax and mortgage interest deduction based on your tax rate. I even make an attempt at guestimating PMI.

It has proven to be pretty accurate so far +/- a percent or two.

I think my google query was something like “mortgage calculator excel”.

I think the web site was vertex something or other.

I hope that helps.

Or, PM me an email address and I’ll send you what I have.

[creechrr]

I agree with sdrealtor. The tax break should be looked as a bonus of sorts. If you can’t afford the place without the tax adjustment, you probably can’t really afford it.

That being said. I found an excel spreadsheet that computes the deduction for you based on your inputs. I modified it to estimate your effective payment after property tax and mortgage interest deduction based on your tax rate. I even make an attempt at guestimating PMI.

It has proven to be pretty accurate so far +/- a percent or two.

I think my google query was something like “mortgage calculator excel”.

I think the web site was vertex something or other.

I hope that helps.

Or, PM me an email address and I’ll send you what I have.

[AK]

Hmmmm, maybe try jumbo FHA?

[AK]

Hmmmm, maybe try jumbo FHA?

[AK]

Hmmmm, maybe try jumbo FHA?

[AK]

Hmmmm, maybe try jumbo FHA?

[Author]

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