Taxes

• Real Estate Taxes
  Just as an example, let's say you are borrowing $250,000.00 for 30 years with an interest rate of 5.000%. If the value of your home is $300,000.00, your property taxes $3,000.00 per year and your insurance is $1,500.00 per year, you can expect to be making a total payment of $1,894.14. This is because you need to pay $1,342.05 toward the actual loan, plus $250.00 for real estate taxes and $125.00 toward insurance.
• Income Tax
  #5- There are tax benefits to home loans. Although home loans do not come free, the government lets you write-off what you pay in interest on your Federal income tax return. Also, if you pay mortgage insurance (MI), you may also write-off this amount.