(Closed) How much is your house payment? Where do you live?

posted 8 years ago in Home
Post # 3
Member
14987 posts
Honey Beekeeper
  • Wedding: June 2011

Can you share what the tax reasons would be for mortgaging a house if you dont need to?  I dont possibly see how the tax benefits, I’m assuming the tax deductions for paying interest with a mortgage, could possibly outweight paying the actual interest.  A tax dedcution only gets you back maybe 30% depending on your tax bracket so you still end up paying more in interest than you get back in the deductions for the lifetime of the loan.

 

Post # 5
Member
1548 posts
Bumble bee
  • Wedding: September 2012

It will differ greatly depending on what part of the country you live in. I’m in New England and for our condo we pay almost $1400/month plus an additional $300/month in condo fees. We also just got a 2nd house and that one is $1800/month. (Property taxes are included in those figures).

Good luck on your second home, thats so exciting, and to be near the water is awesome, Good luck!

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