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Reply to "How much house can we afford?"
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[quote=Anonymous]1) Property taxes are part of PITI, so don't double count in the overall equation 2) 30% is not a terrible estimate for federal + SS + Medicare + state 3) The effective AMT threshold is going up significantly with the new plan making it less of a burden 4) For the OP...I think it's reasonable to assume that once you crunch numbers to "back into" a comfortable monthly payment and then price...you can probably make a reasonable assumption that a 900k house (or 720k mortgage) is going to generate tax savings of $10-12k per year, which you can add back to your monthly housing budget or general budget [/quote]
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