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When determining your tax benefits, you need to gather together quite a bit of information. Among the pieces of information you will need are:
After plugging in all of this information, you can determine the tax benefit of your home, which will help you determine the amount you are really paying for your mortgage each month.
If your home has a value of $300,000.00, for example, and you take out a loan for $250,000.00, your total monthly payment may come out to $1,821.22 (after considering all of the other factors described above). Due to the savings you will receive from your tax benefit, however, your average payment will be $1,559.95 during the first 5 years. If you will decide to live in your home after this period, you will only pay $1,540.81 per month in average.