Home Inspection - The Inspection Process - Physical and Geological Inspection, Home Warranty

Just Sell My House East Bay California Real Estate Homes For Sale

Serving Buyers and Sellers in the Bay Area including Albany, Berkeley, El Cerrito, Kensington, Oakland, Rockridge, Piedmont, Richmond, El Sobrante, Pinole, and the surrounding San Francisco East Bay Area

Art Work By Barbara

For Buyers...

The Home Buying Process... Who Pays What? | Checklist for Loan Application | Components of a Mortgage Payment | The Loan Process | Shopping For A Lender | Getting Pre-Approved | The Inspection Process | Physical Inspection | Calculating Tax Savings

Calculating Tax Savings

Loan Payment
      Loan Amount Principal $ ______________
      Interest Rate ______________%
      Amortization _______________years
      Payment $________________per month (1)

Deductible Expenses
      Monthly Interest --- Principal x Interest Rate/12 = $__________ (2)
      Property Taxes --- Rate x Purchase Price/12 = $__________(3)
Total Deductible Expenses --- (2+3) $__________(4)
Tax Rate (from chart below) __________%(5)
Tax Savings --- (4x5) $__________(6)
Calculate out of pocket housing expenses (after tax)
      Monthly Mortgage Payment (1 above) $__________(7)
      Property Taxes (3 above) $ __________(8)
      Insurance (estimate) _________(9)
Montly Payment (7+8+9) $__________
      subract tax savings (6 above) ($___________)
OUT OF POCKET MONTH HOUSING EXPENSES $ __________

This is an estimate only. Your actual tax savings may vary.

Income Tax Brackets

Taxable Joint Income	Taxable Single Income	Tax Rates Federal	Tax Rates State	Combine Effective Rate*
$43,851 to $54,874		28.0%	6.0%	32.3%
$54,675 to $69,098	26,251 to 34,548	28.0%	8.0%	33.8%
$69,099 to $105,950	34,549 to 63,550	28.0%	9.3%	37.4%
$105,951 to $161,450	63,551 to 132,660	31.0%	9.3%	37.4%
$161,451 to $288,350	132.601 to 288,350	36.0%	9.3%	42.0%
Over $288,350	Over 288,350	39.6%	9.3%	45.2%

Note:
People below the 25% federal tax bracket generally do not benefit from tax-free investing.
* State taxes may be deductible on federal tax returns. Consult wiht your tax advisor.

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Barbara Hendrickson

Phone: 510-280-2140
Email: barbara@justsellmyhouse.com

Cindy Wilson

Phone: 510-280-2144
Email: cindy@justsellmyhouse.com