my calculation of buying a house in Bellevue
I pay 2800 monthly for my apartment. if I buy a house $ 1.5m in Bellevue with 20% downpayment in 30 yrs, the monthly payment is 5000(including property tax and insurance) ,about 3000 can be deduct from tax. Assume my tax rate is 30%, so the actually monthly payment is 4100$ my monthly tc is 8000 after tax. i can still afford it myself, is it correct? if I rent some rooms which I don’t want, but the depreciation of the house can also be deducted for tax
Do you have a wife? Kids? If not, you might want to consider renting out a room or two
Nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo
Sorry :/
Lol it’s definitely not going to be 5k per month. I’m paying 5k per month for 1.05M home with 20% down.
No.
No you cannot. Your debt to income ratio is > 50% pre-tax, most mortgage lenders wont approve, otherwise your rate will be much higher as well. Also I’m not sure what you inputs are but my calculations for a $1.5 million with 20% down is $7,800 @ 5.5% interest. I would reverify the math you are doing for your pre-tax monthly payment.
Lele
No way you can deduct so much from taxes
OP, Are you sure that you can deduct property tax from Federal? You should check if you need to itemize for the deduction. If so, that may be a problem, because for many the standard deduction is typically higher than itemized.
lol and here’s my house hold tc is 18000 without shares and my mortgage is 2000😂
You can do the math yourself or use an online calculator like this one https://www.aarp.org/money/budgeting-saving/rent_buy_home_calculator/