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I've used things like [1] Mortgage Calculator and plugged in the values, but I'm thinking it's not comprehensive enough. I'm trying to determine total monthly cost and then find out what sort of rebate I can expect at the end of the year. For some basic numbers, I'm considering purchasing a 490K condo and putting 120K down in an area which has %.998 property tax . The unit would also have the following fees: Condo $570/M, Electric $100/M, Cable/Internet $150/M, Insurance (I'm estimating about 15-30/M due to the majority being handled by the master insurance policy).
If I've run my numbers correctly, assuming a 4.2% loan for 370K, I would be looking at around 2200-2250 for the mortgage (including local taxes)+ 570 + 30 + 100 + 150 for a total of 3050 - 3100 a month.
I currently rent now, and just take the standard deduction. I'm trying to determine what sort of tax benefit I could expect by being able to deduct annual interest. By doing so, that would also open me up to the itemized deductions and also allow me to deduct my state income tax as well, correct? I make around 110K a year and put 6% towards 401K, plus about 140/M for medical. State income tax is 5.75% and there are no city/county income taxes levied.
I've used various calculator to try and figure this all out, but want to ensure I'm getting close. What service could I pay to help me figure this stuff out? Should this be a service provided by my real estate agent?
Don't know what your closing costs are, or if your anticipate the seller covering those for you.
Assuming you close in July, this year your mortg deduction on your schedule A would be about $7,700 dollars. As far as deducting your state income taxes paid, I'd advise you to look at your W-2 from last year to estimate what you might claim on your schedule A this year. After subtracting out your 6% 401k contribution, your gross taxable income x your 5.75% state tax rate is $5,945. Remember that whatever amount of State tax refund your get in 2012, you have to claim that as income on your 1040 form in 2013.
Since you'll only be owning the condo 1/2 of 2012, you might only be able to claim half of the $4,890 property taxes since the other 1/2 of the year was paid by the former owner or listed as such on the settlement statement. I can't remember how property taxes work regarding your settlement statement. I bought my home 14 years ago. I don't remember how property taxes were handled that first year.
The standard deduction is $5,950 for 2012. I did a very rough estimate and came up with a Schedule A total of $16,890.
I'm guessing you included HOA, utilities and insurance in your information so as to see your TOTAL housing costs owning vs renting.
I've used things like [1] Mortgage Calculator and plugged in the values, but I'm thinking it's not comprehensive enough. I'm trying to determine total monthly cost and then find out what sort of rebate I can expect at the end of the year. For some basic numbers, I'm considering purchasing a 490K condo and putting 120K down in an area which has %.998 property tax . The unit would also have the following fees: Condo $570/M, Electric $100/M, Cable/Internet $150/M, Insurance (I'm estimating about 15-30/M due to the majority being handled by the master insurance policy).
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I assume you live in NYC? I'm in the process of buying my first place so I would talk to a broker before thinking about it too much. I make about as much as you and I would not be approved for a 370k loan with those assesment fees. Albeit your taxes are lower then mine, but your assesments are far higher. Just some food for thought from what I've seen.
Yea, I'm just trying to get some rough estimates so I'm not shocked when I go to my lender after making an offer. I need a damn raise!
It might seem like a pain, but consider throw the figures in turbotax and see what happens when you add in the mortgage interest. If you dont have a ton of other complicated things going on, inputting your W2 and a few other variables wont take you more than 30 minutes.Note: you can get your answer without paying; you only pay if you file.
Also, July 15th, season premiere. Don't forget. Not that you would.
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