[SellingMyHome]

[quote=creechrr][quote=SellingMyHome][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.[/quote]

I picked up an that too. After six years of mortgage payments, you still that much?

6 years * 12pmt/year = 72 mortgage payments

72 * ~ $2,000 (low assumption) = $144,000

So, at least $144,000 worth of payments have been made. I’ve never had a mortgage but, something doesn’t add up.[/quote]

You should see how much goes towards interest, and how much towards principla the first 10 years of the mortgage. It would make you cry! Since my refi of $467K in 2006, I’ve paid $95K in interest, and less than $18K in principal. Reduced the balance to about $450.

Banks are doing good, trust me!

[SellingMyHome]

[quote=creechrr][quote=SellingMyHome][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.[/quote]

I picked up an that too. After six years of mortgage payments, you still that much?

6 years * 12pmt/year = 72 mortgage payments

72 * ~ $2,000 (low assumption) = $144,000

So, at least $144,000 worth of payments have been made. I’ve never had a mortgage but, something doesn’t add up.[/quote]

You should see how much goes towards interest, and how much towards principla the first 10 years of the mortgage. It would make you cry! Since my refi of $467K in 2006, I’ve paid $95K in interest, and less than $18K in principal. Reduced the balance to about $450.

Banks are doing good, trust me!

[SellingMyHome]

[quote=creechrr][quote=SellingMyHome][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.[/quote]

I picked up an that too. After six years of mortgage payments, you still that much?

6 years * 12pmt/year = 72 mortgage payments

72 * ~ $2,000 (low assumption) = $144,000

So, at least $144,000 worth of payments have been made. I’ve never had a mortgage but, something doesn’t add up.[/quote]

You should see how much goes towards interest, and how much towards principla the first 10 years of the mortgage. It would make you cry! Since my refi of $467K in 2006, I’ve paid $95K in interest, and less than $18K in principal. Reduced the balance to about $450.

Banks are doing good, trust me!

[SellingMyHome]

[quote=FormerSanDiegan]The only real way to figure the tax benefit for your situation is to look at your specific return. If you use turbo tax for example, you can remove the mortgage and property tax deductions (and maybe switch to standard deduction if you don;t have a lot of other deductions) take the difference and divide by 12.[/quote]

So I did that with my Turbo Tax, and for 2008 I would have not gotten about $812 in savings each month. My guess of $900 was not bad using the add them up, multiply by 34%, and divide by 12.

[SellingMyHome]

[quote=FormerSanDiegan]The only real way to figure the tax benefit for your situation is to look at your specific return. If you use turbo tax for example, you can remove the mortgage and property tax deductions (and maybe switch to standard deduction if you don;t have a lot of other deductions) take the difference and divide by 12.[/quote]

So I did that with my Turbo Tax, and for 2008 I would have not gotten about $812 in savings each month. My guess of $900 was not bad using the add them up, multiply by 34%, and divide by 12.

[SellingMyHome]

[quote=FormerSanDiegan]The only real way to figure the tax benefit for your situation is to look at your specific return. If you use turbo tax for example, you can remove the mortgage and property tax deductions (and maybe switch to standard deduction if you don;t have a lot of other deductions) take the difference and divide by 12.[/quote]

So I did that with my Turbo Tax, and for 2008 I would have not gotten about $812 in savings each month. My guess of $900 was not bad using the add them up, multiply by 34%, and divide by 12.

[SellingMyHome]

[quote=FormerSanDiegan]The only real way to figure the tax benefit for your situation is to look at your specific return. If you use turbo tax for example, you can remove the mortgage and property tax deductions (and maybe switch to standard deduction if you don;t have a lot of other deductions) take the difference and divide by 12.[/quote]

So I did that with my Turbo Tax, and for 2008 I would have not gotten about $812 in savings each month. My guess of $900 was not bad using the add them up, multiply by 34%, and divide by 12.

[SellingMyHome]

[quote=FormerSanDiegan]The only real way to figure the tax benefit for your situation is to look at your specific return. If you use turbo tax for example, you can remove the mortgage and property tax deductions (and maybe switch to standard deduction if you don;t have a lot of other deductions) take the difference and divide by 12.[/quote]

So I did that with my Turbo Tax, and for 2008 I would have not gotten about $812 in savings each month. My guess of $900 was not bad using the add them up, multiply by 34%, and divide by 12.

[SellingMyHome]

[quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.

[SellingMyHome]

[quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.

[SellingMyHome]

[quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.

[SellingMyHome]

[quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.

[SellingMyHome]

[quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]

They rolled in closing costs as well.

[SellingMyHome]

[quote=Vishon]One question about OP’s calculation. The tax saving of $900/month, is that before or after the property tax paid?

For the purchase price of $424k, at 1%, the property tax is $4240 or $353/month.

The tax saving should be corrected accordingly.

V[/quote]

I’m not sure what you’re asking. I’m saying that I think I’m getting about $900 in reduced taxes that I won’t get if I don’t own anymore (by interest and property tax deductions).

I saw another post that said add up your interest and property tax payment, multiply by 34%, and divide by 12 to estimate the tax savings. I think the 34% was a tax bracket guess for the poster’s income, which seems close to mine.

[SellingMyHome]

[quote=Vishon]One question about OP’s calculation. The tax saving of $900/month, is that before or after the property tax paid?

For the purchase price of $424k, at 1%, the property tax is $4240 or $353/month.

The tax saving should be corrected accordingly.

V[/quote]

I’m not sure what you’re asking. I’m saying that I think I’m getting about $900 in reduced taxes that I won’t get if I don’t own anymore (by interest and property tax deductions).

I saw another post that said add up your interest and property tax payment, multiply by 34%, and divide by 12 to estimate the tax savings. I think the 34% was a tax bracket guess for the poster’s income, which seems close to mine.

[Author]

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