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No, of course not. Think about it - Principal is the money you borrowed - you didn't pay any income tax on it when you got it.
If what your thinking could be - then You loan me a million....and I loan you a million, and when you give it back to me to pay off the loan (in one or 360 payments), and (presumably) I give it back to you...we both get a million dollar deduction?
Your no richer or poorer...and neither am I...neither of us had any expense or income.
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What is the average mortgage for a house that cost 250000?
Based on my experience in Illinois, your 30 year fixed mortage principal, interest, taxes & insurance monthly payment will be approximate 1% of your mortgage principal. So, if your mortgage principal is $250,000 less down payment plus interest plus taxes plus interest, your monthly payment will be about $2,500.
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
Leo is purchasing a home for 209 000 his mortgage company requires that he put 20 percent down what will the mortgage amount be on his loan?
209,000 * .2 = 41,800 down payment. 209,000 - 41,800 = 167,200 principal final mortgage payment will vary depending upon escrow, taxes, etc.
For what would one use the Coldwell Banker mortgage calculator?
You would use a Coldwell Banker mortgage calculator to estimate your monthly payment on a mortgage. To estimate the monthly mortgage payment you need to enter the purchase price, down payment, interest rate, property taxes, insurance, and mortgage term.
If you make extra mortgage payments in a given year can you then write off the additional interest against that year's taxes?
No. The extra mortgage payments, over and above your normal monthly payment, are generally directly applied to Principal only. It is entirely allowable to make your January payment in late Dec.....and as tax essentially uses the cash basis, if this 13th payment is received by the Lender in year "X", you may get a 13th interest deduction on your 1099 Mortgage statement. While most mortgages allow prepayment without penalty, that prepayment is entirely principal, basically by definition.
What is the average mortgage for a house that cost 250000?
Based on my experience in Illinois, your 30 year fixed mortage principal, interest, taxes & insurance monthly payment will be approximate 1% of your mortgage principal. So, if your mortgage principal is $250,000 less down payment plus interest plus taxes plus interest, your monthly payment will be about $2,500.
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
Leo is purchasing a home for 209 000 his mortgage company requires that he put 20 percent down what will the mortgage amount be on his loan?
209,000 * .2 = 41,800 down payment. 209,000 - 41,800 = 167,200 principal final mortgage payment will vary depending upon escrow, taxes, etc.
Your daughter and you are on the title of her townhouse but only her name is on the mortgage and she is now behind on her mortgage payments taxes and assesments am I liable and should i quit claim?
If you Quit claim it to her you loose all rights to the asset. If they Foreclose due to non payment she will loose the asset. If they sale it for less than the mortgage you both could be liable for the difference in a suit.
Can a lender take your principal and interest payments for your mortgage and pay property taxes?
You need to review your mortgage documents that you signed at your closing.
For what would one use the Coldwell Banker mortgage calculator?
You would use a Coldwell Banker mortgage calculator to estimate your monthly payment on a mortgage. To estimate the monthly mortgage payment you need to enter the purchase price, down payment, interest rate, property taxes, insurance, and mortgage term.
If you make extra mortgage payments in a given year can you then write off the additional interest against that year's taxes?
No. The extra mortgage payments, over and above your normal monthly payment, are generally directly applied to Principal only. It is entirely allowable to make your January payment in late Dec.....and as tax essentially uses the cash basis, if this 13th payment is received by the Lender in year "X", you may get a 13th interest deduction on your 1099 Mortgage statement. While most mortgages allow prepayment without penalty, that prepayment is entirely principal, basically by definition.
What are 4 elements that are included in the total amount of a mortgage payment?
principle, interest, insurance and taxes
Can you claim closed end loan interest on your taxes?
Outside of a business setting, or home mortgage, No.
What does it mean when your mortgage company says your taxes have been impounded?
This means that the mortgage company has included your taxes as part of your monthly payment. They take a portion of your payment every month, hold it in an account called an escrow account, and then disburse it according to the requirements of the county that your property resides in.
House payment with tax included?
Commonly your mortgage payment is PITI, principal, interest, taxes and insurance...as all those things are what the kender cares about..they simply work as a billing/payment agent for the T&I, collecting from you monthly and paying on your behald to the dept or isn co. The morgage co sends a statement saying how much taxes and insurance were actually paid on your behalf (normally as part of the statement saying how much interest you paid), and what was paid (not what they collected), is useful for income taxes.
What does PITI stand for in insurance?
PITI is normally used in conjunction with mortgage payments, standing for Principal, Interest, Taxes and Insurance.
