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Started By
Message
re: Homebuying...fresh out of college
Posted on 9/16/09 at 11:48 am to DWaginHTown
Posted on 9/16/09 at 11:48 am to DWaginHTown
quote:This is true whether he rents or buys.
but Zero in state income taxes
2
Posted on 9/16/09 at 12:04 pm to Cold Cous Cous
Ok, so I took a look at a mortgage calculator just as an example...
Terms:
$250,000
30 year
7% interest rate
Monthly payment: $1663
My take home pay per month will be ~$5000
So my monthly note would be about 33% of my pay
I know there are still utilities, home insurance, etc...but does the monthly payment seem reasonable for my income?
Terms:
$250,000
30 year
7% interest rate
Monthly payment: $1663
My take home pay per month will be ~$5000
So my monthly note would be about 33% of my pay
I know there are still utilities, home insurance, etc...but does the monthly payment seem reasonable for my income?
Posted on 9/16/09 at 2:03 pm to Cold Cous Cous
quote:
but Zero in state income taxes
quote:
This is true whether he rents or buys.
Not true. Don't fall into this illusion. Renters pay property tax (indirectly through their rent), it just isn't direct nor itemized like it is if you own. In addition, since it isn't itemized you don't get to deduct this 'indirect' tax on your federal income tax the way you do if you directly paid it if you owned.
The property owner directly pays the tax, and passes that expense onto their renters.
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