mortgage calculator tax property

Do You Like What The Mortgage Calculator Tells You?

You’ve heard all the mortgage stories and liked some. Now you want to know what it is going to cost you when you take out a refinance mortgage. The best and accurate source of information is the online mortgage calculator. But do you like what’s it’s telling you? Whatever it is, take heed.

Fact vs. Fiction

The sky is not falling and so are interest rates. But you can still find a comfortable rate that’s up your alley. Just take a long, hard look at the mortgage calculator after you’ve punched in your numbers.

You can use the online mortgage calculator to work out your monthly payments towards a refinance. The result will be based on the following:

1. selling price of your home.
2. the desired loan amount.
3. the preferred loan term.
4. percentage of downpayment.
5. interest rate of the loan.
6. percentage of Private Mortgage Insurance to be put up.
7. local property taxes.

The sum total will show the monthly fee you’ll be paying up for a period of x years. This amount will be stable for the duration of the loan term if you’re eyeing a fixed rate mortgage.

Before you can believe all the stories you hear, sort out the fact from fiction by relying on a mortgage calculator to give you the specifics.

User-friendly and Accurate

The online mortgage calculator won’t frighten techno-phobics. You can immediately see the results for yourself and the explanation for the figures that will show up. For a thirty-year term for a $150,000 house with a 10% downpayment and an interest rate of 7%, you’ll be coughing up $898.16 monthly towards the principal and the interest only.

An explanation will clearly tell you that you have to pay an additional fee for the Private Mortgage Insurance (PMI) because you’ve paid only 10%, instead of the 20% required for the downpayment. If you’ll be paying the amortized PMI, this means an additional $74.25, bringing the total monthly fee to $972.41.

The calculator is convenient to use and eliminates the need for an accountant to do the figures. The instant results will help you make up your mind if you are comfortable or not with the prospective loan amount, interest rate, and the loan term. You can check out other possibilities if you choose to go for a pricier or a more affordable house. You can get all the information on different loan terms, interest rates, and downpayment until you’ve arrived at something you prefer and think you can afford without having to pay through the nose.

Well Informed Is Well Armed

You already have the advantage of knowing what you’re getting into when you take out a mortgage. When you shop for a lending company, shop for comparative rates. You might find something even better. However, don’t take up the notion that the results shown by the mortgage calculator are all that you have to spend. If this is your first ever mortgage, inquire about the fees they’ll charge from the start to the closing of the loan. Add these all up and that is the money you’ll need before any amount can be released to you.

Study the basic types of mortgage and how well each suits your financial circumstances, present and future. The mortgage calculator has shown you what to expect, and whether you like the results or not, the choice is still yours.

About the Author

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School/Property Tax Question?

Why is it that most states make home owners pay school/property taxes regardless of whether they have children or not? And in turn, why don’t people who rent and have children not have to pay these taxes? I believe that most first time home buyers don’t know and are not educated on the extra expenses that taxes add to their mortgage payments and/or overall annual housing costs. Why isn’t this explained better (i.e. all online mortgage calculators should be mandated to allow added tax costs to figure out the TRUE monthly mortgage payment)?
Could this play a major contributing factor to the rise in foreclosures in America? Why can’t local governments see that if they started charging school taxes to families that have children regardless of their mortgage or renting status that it would be better for the school systems and make it a better and a more fair economy? People may not be so apt to have alot of children if they know they have to pay school taxes whether they owned or rented

We were all kids at one point in time and our parents paid school/property taxes. It would be a property tax nightmare to base how much to charge for your property taxes on whether or not you had kids. The town/city would have to ask everyone if they had kids or not. What about people who send their kids to private school? Or the people who through school choice send their kids to a school in another community? The towns/cities might as well offer everyone a choice as to what they want to be taxed on. Want fire protection? police protection? want public works? etc. It just wont work for taxing people with kids at one rate, and people without kids at another.

Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance

I own part of a business and my partner (who handles the money) didn’t get the yearly taxes done in time and has filed for an extension. Which means I cannot do my taxes because I don’t know if the business can show a loss yet through deductions. So now I want to file an extension in case I owe (my taxes are super complicated this year, with some unemployment, a 401K distribution, interest on my mortgage, and working for a store I own part of). My question is, what should I do when they ask for the amount I owe on the extension form? I’m not sure I owe anything yet, but don’t want to get in trouble! HELP!

I am contemplating shutting down my sole proprietorship and joining another company as a W2 employee.

Having my own business affords me some benefit in the form of deductions/expenses (i.e. I deduct a portion of our mortgage for home office, one of our cars, gas, insurance etc.)

In closing up shop and joining another company, is there a way that I can continue to take some of these deductions (a portion of mortgage, phone bill etc.)? Or does the fact that I no longer have my own formal company preclude me from such deductions when I file my income taxes?

do the lenders go by my "gross income" or "adjusted gross income" on my tax return?

My tax lady found so many deductions, my adjust gross income looks pitiful, but my business made good money. I am worried i won’t get approved for a mortgage…

My wife is self employed and we would like to get a home after we file our taxes for this year. Since self employed people have a harder time getting home loans someone suggested that we claim less deductions from the business to increase her net income. Has anyone else heard of doing this? Also, someone suggested that we might be able to claim less deductions and then file an amended tax return, after we get a mortgage, and claim the deductions. Has anyone heard of doing this? The first option seems legal to me since we would just be paying more in taxes but I don’t know if the second suggestion would be okay or not. If anyone could provide some guidance that would be great. We don’t want to do anything that is illegal or anything. Thanks.

I currently live in a condo. My fiance and I are buying a new home. Our combined AGI along with my sole proprietorship business income is about 200k. We both had to pay about 2.5k this year to the feds despite my prop tax/intest deductions. Our new home will have higher prop taxes and interest than the condo.

The question I have is whether or not to keep my condo and rent it out or just sell it. My mortgage is about 1750k/mo + 0/mo association dues. I could only rent it for about 00/mo. Since our AGI is so high, I can’t write off the loss. Would it be beneficial at all to keep the condo and write off interest/prop taxes or should I just sell it?

Thanks in advance.

well i have 3 trucks 2 are paid off and i still owe 300 on my 05 dodge ram we bought it brand new. 4 years ago. the other trucks are new 2 but paid off my payment is 0.00 a month for the ram, we do not have a mortgage since the house is paid off. im self employed and business is VERY SLOW. my wife works and makes 21k a year minus tax and deductions. we still owe 2 years on the truck and don’t if we should sell the other truck and use the money to continue making payments or should we just turn it in.

well i have 3 trucks 2 are paid off and i still owe 300 on my 05 dodge ram we bought it brand new. 4 years ago. the other trucks are new 2 but paid off my payment is 0.00 a month for the ram, we do not have a mortgage since the house is paid off. im self employed and business is VERY SLOW. my wife works and makes 21k a year minus tax and deductions. we still owe 2 years on the truck and don’t if we should sell the other truck and use the money to continue making payments or should we just turn it in.

well i have 3 trucks 2 are paid off and i still owe 300 on my 05 dodge ram we bought it brand new. 4 years ago. the other trucks are new 2 but paid off my payment is 0.00 a month for the ram, we do not have a mortgage since the house is paid off. im self employed and business is VERY SLOW. my wife works and makes 21k a year minus tax and deductions. we still owe 2 years on the truck and don’t if we should sell the other truck and use the money to continue making payments or should we just turn it in.

I have not seen this topic discussed by the IRS, corporations and any scholars for that matter. I am currently developing this idea into what i hope will be a Pulitzer submission.

As we all know by doing research – Tax laws were written primarily to tax those who owned land, and businesses. Most of the employees did not get taxed until later when the IRS and Government grew larger because of the services they provide to the public. Instead of keeping the same structure in tax laws – they changed them into two sets of standards. One for Business and one for Individuals. However they differ so much. Most laws are written to protect and benefit businesses especially in employment. The tax laws also are written to benefit businesses not individuals.

So why not demand corporations accept contracts by all individuals who work in the corporate arena as LLCs so they can benefit from the tax laws [ operating expense deductions , ie - fuel, mileage, rent, utilities, mortgage, food, etc,] as business do, since – people who work do have operating expenses which takes away from their NET just like business are able to write off their operating expenses which subtract from their NET..Those who work in the services industry, like fast food, restaurants, and other jobs would have to structure those positions which allow for LLC employees. Those considered laborers etc..would be covered under the company and all taxes etc…be paid as in the original tax code by the business…when it first started…

My primary reasoning for this is – Business complain they have to pay employee [ taxes, benefits, IRA's etc.] and it costs them too much money. They also use this to thwart paying you more money as an employee eventhough in the end they take a good majority off their taxes. If individuals worked as an LLC – this would reduce corporates expenditures, and increase employees pay. It would also allow indivisuals to claim the write off of operating expenses not provided by the Corporation thus decreasing their taxable income [NET] and give them more money in their pockets each year. People who work as an LLC will have specific employment contracts, will be protected by the laws of business – which in fact are written better than employment laws…and puts more faith and competetiveness back into the system. Sure there will be more paper work on the LLC – however, once you get everything you need automated on a PC its a peice of cake. But look at the operating expenses you can write off.

The IRS still gets their tax base, corporations reduce tax liabilities and expenses – employees become operators of business entities which are more intuned to the laws of corporations. It will allow them more protections, both ways for corporations and LLC..

This would exclude those who work in Public Sector employment as they are not private entities and the laws apply to those government entities much differently.
And to address those who have never operated as an LLC..I currently am an LLC single member business owner and I have worked as an employee then changed to an LLC while working for the same employer…Let me make this clear before some of you make the mistake of saying it doesnt change anything…

Yes it DOES change how you are paid [ the amount] and how you file taxes. Once i started a LLC i was able to negotiate higher pay, like ,000 dollars more, and also got the write offs. Operating as a sole proprietor is not an LLC…Sole proprietor offers you no protections under business law or personal law and exposes you as just an employee…There is no difference between working as an employee or sole proprietor as they are the same…

An LLC offers you protection while working personally as you are not using your social security number, you will use your business tax ID instead for all transactions…All accounts, bills, everything is done under a Business Tax ID not SS#…
I thnk people are missing the point here – I am not running a shabbing business LLC nor am i working loopholes to circumvent the tax laws. What i am saying it – working as an LLC not as an employee for a company DOES in fact offer you better protection under the law and provides you better tax advantages. 1. you have a contract with the company, 2. You can negotiate higher wages. 3. You can deduct expenses like mortgage, rent, {percentages of use for business} fuel, and or mileage depending on your contract, 4. You can deduct the benefits you pay out for yourself, etc. All of them legal under an LLC. 5. Yes your tax is more, but is done pass through and you can get unemployment benefits from the state because you pay into it…if you lose your contracts. Health insurance everything can be paid by the LCC and deducted. Eventhough your tax rate is higher – in the end you make more because of legal write offs. Your net is still better than if you were an employee under corporate law.
Also – concerning taxes Employee versus LLC…As an employee you are taxed based on your Gross income – in a business you are taxed based on your net after expenses…So there is a huge difference in taxes and money…Business deductions are greater and based on NET versus individual deductions which are less and based on GROSS…plus you dont have to pay taxes twice under an LLC…

Please dont confuse being a Sole Proprietor with any of this as it doesnt apply…Sole proprietor does nothing for you as a person, business etc..

Sure as an LLC you must separate personal versus business expenses – but thats not hard to do…Just keep logs, all receipts, etc…on the PC. using quickbooks or Microsoft Accounting…The latter is the better…

Also find yourself a good business accounting lawyer who can easily set up everything for you…

It crazy what people dont know about how business laws and taxes really work. I think everyone needs to go buy a book on LLCs and read it…