lets assume the purchase price of a house will be $1mio. (just to have a nice, round number). i put down $400K / get a mortgage for $600K. the monthly payment, assuming 6.5% on a 30 year fixed loan, will be about $3800. of that, $3200 will be payment towards interest and the remaining $600 will be towards principal (i think i have the amortization schedule correct.)
now, the yearly interest paid ($3200 * 12 months) will be around $38K. when i file my taxes next year, i am told i can deduct the interest that was paid on my taxes. does that mean i will get the $38K back in the form of a refund?
2007-04-18
08:57:56
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8 answers
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asked by
peter p
4