Comments on: what does “without getting tax benefit” mean in this calculator for mortgage loan? http://MORTGAGEBASICS.INFO/what-does-without-getting-tax-benefit-mean-in-this-calculator-for-mortgage-loan/ Tue, 22 May 2012 01:18:34 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Webhoo http://MORTGAGEBASICS.INFO/what-does-without-getting-tax-benefit-mean-in-this-calculator-for-mortgage-loan/comment-page-1/#comment-8555 Webhoo Tue, 29 Nov 2011 21:41:06 +0000 http://MORTGAGEBASICS.INFO/what-does-without-getting-tax-benefit-mean-in-this-calculator-for-mortgage-loan/#comment-8555 What I feel they are saying is the amounts are based on varying tax situations. You get tax benefits for owning a home and depending on your income bracket, how you have your taxes done,etc. will determine the benefit. You would have to ask a tax person that has looked at your situation to tell you your exact benefit. However this kind of calculator is what got allot of people in trouble financially. Usually people base their affordability on real dollars but this has you going "all in" to get a home because they are counting on your tax refund to help you. Normally people that buy based on their actual budget end up with a nice surprise at tax time where with this approach it taps that out and has you maxed out. I know this wasnt part of the question but be careful with this type of approach unless you have allot of money in reserves. Good Luck What I feel they are saying is the amounts are based on varying tax situations. You get tax benefits for owning a home and depending on your income bracket, how you have your taxes done,etc. will determine the benefit.

You would have to ask a tax person that has looked at your situation to tell you your exact benefit.

However this kind of calculator is what got allot of people in trouble financially. Usually people base their affordability on real dollars but this has you going “all in” to get a home because they are counting on your tax refund to help you.

Normally people that buy based on their actual budget end up with a nice surprise at tax time where with this approach it taps that out and has you maxed out. I know this wasnt part of the question but be careful with this type of approach unless you have allot of money in reserves. Good Luck

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