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Tax benefits of owning home


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2019 Nov 6, 10:26pm   1,427 views  43 comments

by BayArea   ➕follow (1)   💰tip   ignore  

Hi guys, let’s assume the following

- SALT deduction limited to $10k/yr
- prop tax rate is 1.3%
- home purchase price: $1M
- 3.7% interest rate
- 20% down

Can anyone walk me thru the math on what my payment will be annually with tax benefits included

Thanks

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41   HeadSet   2019 Nov 12, 8:11pm  

The SALT cap has screwed many of us.

No, your high State and local taxes screwed you.
42   WookieMan   2019 Nov 13, 12:47pm  

HeadSet says
The SALT cap has screwed many of us.

No, your high State and local taxes screwed you.

Yup....
43   Patrick   2019 Nov 13, 8:40pm  

The NY Times had a great rent-vs-buy calculator that spelled all this out, but now it's behind their paywall. At least it was last time I looked.

Oh wait, I can see it without an account at the moment:

https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html

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