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Reply to "First time home buyer. Am i over extending?"
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[quote=Anonymous]Don't count on much tax savings due to mortgage interest under new law. A payment of $1830 is probably throwing off around $16,800 in interest a year. The new standard deduction for heads of households is $18,000. And you are limited to $10,000 in state and local deductions. So you MIGHT get $26,800 in itemized deductions (probably less if you don't pay that much in state taxes). That will put you in the new 22% tax bracket, and your tax savings will be $1,936 for the year. It's not nothing, but it's not huge, either, if you're feeling extended.[/quote]
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