Tax Benefits
Contact Me Today (916) 247-1633Home Ownership: Mortgage Tax Deductible Benefits
- Mortgage tax deductible!
- Loan origination fee tax deductible!
- Home equity loan tax deductible or second mortgage tax deduction!
One of the biggest advantages of owning a home is that the interest on your mortgage is 100% tax deductible. Loan fees and points paid to discount your interest rate are also deductible.
Furthermore, you can deduct up to $100,000 in debt from a Home Equity Line of Credit.
The example below demonstrates how mortgage tax deductible benefits can make home ownership more affordable than renting – even with no money down.
Average area rents: $2,650/month
Average sales price of area home: $600,000
5/1 Interest-Only ARM with 1st and 2nd Trust Deed |
|
1st Rate |
5.750% (5.104% APR) |
Down Payment |
$0 |
Estimated Monthly Payment |
$2,890 |
Tax and insurance |
$765 |
Tax Deduction |
- $1,050* |
Estimated Real Monthly Cost |
$2605 |
*Based on 30% tax bracket. Consult a professional tax advisor for specific details.
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