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just thinking, the 500 you save in taxes would be about the same in increased mortgage payments for a 100k difference. For instance:
300k @ 5% 30yr= 1610.46
400k @ 5% 30yr= 2147.29
But that gets you a more desirable town with better schools and probability of increased value is higher again there are many other factors involved. So do your research!
Here is my family's experience, back in the early 80's when my parents were in the market Livingston and West Orange were pretty much equal (prices/taxes/schools/demographics/ect) . My parents were torn between two properties in Livinston and West Orange. Unfortunately my mom didnt want to drive the extra 15/20 minutes to commute to work so they ended up in WO. By the late 80's early 90's the taxes in WO had significantly increased while Livinston's moved at a slower pace. By the late 90's WO schools had decreased in ranks while livinston's motored on. Almost 30 years later, we can only look back at what could have been. I still sometimes joke with my mom about the extra commute. I definitely enjoyed growing up in the town and meet life long friends in the process. I still remember those days playing at o'connor park like yesterday but I have driven there from time to time and it just doesn't feel the same.
just thinking, the 500 you save in taxes would be about the same in increased mortgage payments for a 100k difference. For instance:
300k @ 5% 30yr= 1610.46
400k @ 5% 30yr= 2147.29
But that gets you a more desirable town with better schools and probability of increased value is higher again there are many other factors involved. So do your research!
The tax difference is $500 per YEAR, not month. So it's a $41/month difference not $500/month. Do your research
The tax difference is $500 per YEAR, not month. So it's a $41/month difference not $500/month. Do your research
Actually you are correct. I am wrong, it was very late and I was tired when i did the calculation. Your monthly would increase 500 (500x12) but your only saving 500 a year in taxes so it is not a wash.
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