Mortgage Calculator
Renting vs. Buying
Rent vs. Buy
Please fill in items 1-9 to calculate your tax benefits as a home owner.
1. Sales Price:
$
2. Loan Amount:
$
3. Annual Real Estate Taxes:
$
4. Interest Rate(%):
%
5. Rent:
$
6. Annual Income:
$
7. Tax Bracket(%):
15%
28%
31%
36%
8. Condo(Y or N):
Yes
No
9. Condo or HOA Fee:
$
Clicking the button will display results below.
"Actual" Payment Comparison
OWN
RENT
Principle & Interest - 1st Trust:
Monthly Taxes:
Monthly Mortgage Ins:
Monthly Condo Fee or HOA Fee:
Monthly Hazard Insurance:
TOTAL MONTHLY PAYMENT
:
Tax Benefits as a Homeowner>
Annual Interest Write-Off
Annual Real Estate Write Off
*
TOTAL ANNUAL WRITE-OFF
* (You may deduct this amount from your annual income when figuring your taxes)
Based on an Annual Write-Off of:
And a Tax Bracket of:
Your monthly savings would be:
** (You can instruct your employer to deduct less taxes from your paycheck and you can increase your monthly take-home pay by this amount)
"Net" Payment Comparison
Monthly Payment:
Less Tax Savings:
-$0
Your
Real Monthly
Payment, net of tax savings:
Remember, part of your monthly mortgage payment is "principal" which is money that is building equity in your home. The average amount of principal per payment during the first year is:
$0
