Bruce Salik - your home loan expert
Bruce Salik
Vice President-Sales Manager
NMLS #79065
Direct: 845-634-4460
Fax: (877) 261-8998
198 South Main Street
New City, NY 10956
I am licensed to originate mortgage loans in the following state(s): CT, NJ, NY

Learning Center

Tax Benefits

One of the biggest advantages of owning a home is that the interest on your mortgage is 100% tax deductible. Loan fees and points paid to discount your interest rate are also deductible.

 

Furthermore, you can deduct up to $100,000 in debt from a Home Equity Line of Credit.

 

The example below demonstrates how mortgage tax deductible benefits can make home ownership more affordable than renting – even with no money down.

 

Average area rents: $2,650/month
Average sales price of area home: $600,000

 

5/1 Interest-Only ARM with 1st and 2nd Trust Deed

1st Rate
2nd Rate

5.750% (5.104% APR)
5.900% (5.274% APR)

Down Payment

$0

Estimated Monthly Payment

$2,890

Tax and insurance

$765

Tax Deduction

- $1,050*

Estimated Real Monthly Cost

$2605

 

*Based on 30% tax bracket. Consult a professional tax advisor for specific details.