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re: Mortgage Interest Deduction in danger....
Posted on 7/10/13 at 5:35 pm to PurpleAndGold86
Posted on 7/10/13 at 5:35 pm to PurpleAndGold86
You are the one that believes 5% of 150K varies?
1
Posted on 7/10/13 at 5:48 pm to TigerintheNO
I'm gonna go out on a limb and ask you two to play nice... or be meaner
Posted on 7/10/13 at 6:08 pm to chauncey1
This namecalling is irritating so let me explain it clearly. The monthly interest payment on $150K at 5% is a set, calculable amount. This is true whether the note is on a $150K house, and it's the first payment, or if it's a note on a $500K house, and it's the 200th payment. The interest simply is what it is.
Obviously with a $150K house the interest amounts will get lower as the years go by. But that's because, as years go by, it's not a $150K note anymore. Because the principal has declined.
It's a simple misunderstanding. Calling each other morons is not necessary.
Obviously with a $150K house the interest amounts will get lower as the years go by. But that's because, as years go by, it's not a $150K note anymore. Because the principal has declined.
It's a simple misunderstanding. Calling each other morons is not necessary.
Posted on 7/10/13 at 6:15 pm to TigerintheNO
quote:
Doesn't matter if it is year one or year 30, 5% of 150K is still 5% of 150k.
This is true but not really relevant. You won't owe $150K in year 30. I just made my second payment on a 30 year mortgage. My interest payment is more than double that of my principal payment.
Posted on 7/10/13 at 6:25 pm to JonTheTigerFan
quote:
This is true but not really relevant. You won't owe $150K in year 30. I just made my second payment on a 30 year mortgage. My interest payment is more than double that of my principal payment.
Correct, but a poster was saying that someone with a 150K mortgage(@5%) would be paying 'a fair chunk more' than 7K because in their first year of a mortgage. But as Cold Cous Cous said interest is simply what it is.
Posted on 7/10/13 at 6:40 pm to TigerintheNO
So who actually read the entire article? Tax credit > itemized deduction
quote:
The various proposals would have a tax credit from a low of 12 percent to a high of 15 percent, without the need for taxpayers to itemize their returns. The proposals would limit the mortgage interest covered in the credit up to $500,000, or half of what it is now. All but one of the major proposals would eliminate the tax credit for a second home.
Posted on 7/10/13 at 8:35 pm to wegotdatwood
It's a tricky thing.....everyone complaining about the wealthy benefiting the most, I don't really believe that's true as most homes in the $1M+ range are paid for in cash, there aren't many people with $1M+ jumbo mortgages. They did it in the old days with ARMs and sold them before the refi was needed but today, most in that range are cash buyers who dont benefit from any interest deduction.
The homes in the $400-900k range are typically financed but those people aren't wealthy thats the $150-400k income families and taking away the tax benefit will definitely make them look at lower priced homes.
The homes in the $400-900k range are typically financed but those people aren't wealthy thats the $150-400k income families and taking away the tax benefit will definitely make them look at lower priced homes.
This post was edited on 7/10/13 at 8:37 pm
Posted on 7/10/13 at 8:46 pm to ThaBigFella
quote:
I don't really believe that's true as most homes in the $1M+ range are paid for in cash, there aren't many people with $1M+ jumbo mortgages.
Disagree
quote:
The homes in the $400-900k range are typically financed but those people aren't wealthy thats the $150-400k income families and taking away the tax benefit will definitely make them look at lower priced homes.
Agree
Posted on 7/10/13 at 8:59 pm to TJG210
quote:
Close to half of homeowners with mortgages—mostly lower and middle-income families—received no benefit from the deduction, according to Fisher.
I received no unemployment benefits this year for some reason.
Posted on 7/10/13 at 10:31 pm to TigerintheNO
quote:
Doesn't matter if it is year one or year 30, 5% of 150K is still 5% of 150k.
Posted on 7/10/13 at 10:45 pm to TigerintheNO
quote:
I'm going to go out on a limb and say you don't understand math. 5% of 150K is the same no matter what year it is.
Mother of god, you are retarded. You are the reason we are all doomed.
This post was edited on 7/11/13 at 5:29 am
Posted on 7/10/13 at 11:14 pm to TheHiddenFlask
quote:
5% of 150K is the same no matter what year it is.
Mother of god, you are retarded. You are the reason we are all doomed.
Flask answer me this, who pays the most in interest in 2013?
2013 5% interest-
Billy in year 1 of his mortgage, he owes 150K on the loan.
Steve in year 8 of his mortgage, he owes 150K on the loan.
Jon in year 10 of his mortgage, he owes 150K on the loan.
This post was edited on 7/11/13 at 12:29 am
Posted on 7/11/13 at 3:12 am to TigerintheNO
Of course they're all the same but that's not what the earlier statement in question is disputing. It's pretty clear he was implying that the 150k was the original loan balance and that payments earlier in the term would be mostly interest and more than 7k.
Posted on 7/11/13 at 6:14 am to PurpleAndGold86
I didn't think PMI was deductible
Posted on 7/11/13 at 6:39 am to TigerintheNO
I'll man up on this one and say that you were indeed correct, although the relevance of the situation is questionable.
Posted on 7/11/13 at 7:26 am to TigerintheNO
Your and ideot.
It was pretty obvious what he meant to everyone but you. You're arguing just to argue.
It was pretty obvious what he meant to everyone but you. You're arguing just to argue.
Posted on 7/11/13 at 7:27 am to TheHiddenFlask
I agree with tigerinno. His position makes the example universal. If you use the standpoint of house price, then years since purchase matters. People refinance also. Mortagae balance and rate are most pertinent in this discussion imo.
Edit: i can see people taking the interest charged side because a lot of people leverage the deduction until the get a higher wage and that affefts new home sales. I still agree with tiger though. I don't need any other variables with his position.
Edit: i can see people taking the interest charged side because a lot of people leverage the deduction until the get a higher wage and that affefts new home sales. I still agree with tiger though. I don't need any other variables with his position.
This post was edited on 7/11/13 at 7:32 am
Posted on 7/11/13 at 7:38 am to MoreOrLes
quote:
Mortgage Interest Deduction in danger....
I have always wondered why interest paid for a home mortgage is given deductible status.
I, for one, would like to see the mortgage interest deduction phased out over a given time period for existing borrowers.
Posted on 7/11/13 at 8:06 am to MoreOrLes
1) repeal income tax (along with all deductions, credits, etc.)
2) national sales tax of 15% on EVERYTHING (including food and medicine).
Done
2) national sales tax of 15% on EVERYTHING (including food and medicine).
Done
Posted on 7/11/13 at 8:23 am to TigerintheNO
quote:
Yes, because your principal is higher at the beginning then at the end.
lol, wut?
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