| Monthly
Home Payment
|
| Home
Price |
$180,000
|
$200,000
|
$225,000
|
$250,000
|
$300,000
|
| Interest
Rate |
|
|
|
|
|
|
5.50%
|
$1,022
|
$1,136
|
$1,277
|
$1,419
|
$1,703
|
|
5.75%
|
$1,050
|
$1,167
|
$1,313
|
$1,459
|
$1,751
|
| 6.00% |
$1,079
|
$1,199
|
$1,348
|
$1,499
|
$1,799
|
| 6.25% |
$1,108
|
$1,231
|
$1,385
|
$1,539
|
$1,847
|
| 6.50% |
$1,137
|
$1,264
|
$1,422
|
$1,580
|
$1,896
|
| 6.75% |
$1,167
|
$1,297
|
$1,459
|
$1,621
|
$1,945
|
Do you also know
that a $1,200 mortgage payment can get you into a new home?
Additionally, there are several subdivisions with $0 closing
cost! Families are moving into these homes everyday and taking
control of their income.
Why is buying
better for YOU than renting? First, you are building equity in
your own home and not for the apartment owner. Second, the tax
system benefits home owners by allowing you to deduct mortgage
interest from your income taxes. During the first years of
ownership, the interest will be almost all of the payment. Here
are two examples:
| Renter
A |
| Taxable
Income = |
$2,000 |
| minus
Taxes (@35%) |
-
$700 |
| Net
Pay = |
$1,300 |
| minus
Rent |
-
$800 |
| Remaining
Cash = |
$500 |
|
| Home
Owner B |
| Gross
Income = |
$2,000 |
minus
Mortgage
Interest
(almost all your
house payment in the first years) |
-
$1,200 |
| Taxable
Income = |
$800 |
| minus
Taxes
(@35%)= |
$280 |
| Rent
(your a home owner) |
-
$0 |
| Remaining
Cash = |
$520!!! |
|
You own your own
home and have MORE CASH! All
because you get to deduct the Mortgage Interest portion of your
monthly home payment from your taxable income. Keep in mind these are basic examples
and actual tax savings could be more or less than the example.
In the first year you also get to deduct all the fees
(closing costs) to buy the home!
Start putting YOUR
money to work for YOU! Give
me a call today and start the new year by improving YOUR wealth and
not the landlords.
*This rate will vary based on your actual tax rate.
|
