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Video instructions and help with filling out and completing form 1098 mortgage interest 2019-2021
Hi larry bass with mortgage achievers you're finding me at wwl area on loans ello ANS calm and i had the question is Larry is it better to pay a higher interest rate therefore I'll be paying more in mortgage interest than a lower rate so I can deduct it and I'll save money in the long run so I want to answer that question for you so I'm going to use an example it's actually very very conservative for example we're gonna take $175,000 loan and with the current interest rate of five and a half percent and so the principal and interest alone is roughly 993 within a dollar now if you lower the loan only three-quarters of one percent to four point seven five percent your principal interest is nine twelve which saves you eighty dollars a month which is roughly nine hundred sixty dollars a year so the question is well if I'm going to pay nine hundred sixty dollars less will I really save that in interest if I have the higher rate loan versus the lower rate loan so these are the numbers we're going to use and I'm going to just stop the video for a moment I'm going to reach Ange the numbers to go through now the tax rate and tell you why it's better to have the lower rate than the higher rate so I'll be right back okay we're back so what I've put on this time now is again we were talking about a five and a half percent interest rate versus a four point seven five these numbers are four four point seven five and if you were to amortize them over a 12-month period so how much would you pay an interest and in principle over twelve months so at the five and a half you're gonna pay ninety five sixty six in interest only and then your principal bill will be reduced to 23:58 so if your loan amount is 175 it's now roughly about 172 650 somewhere in that range now four point seven five obviously you're gonna pay less in interest and a little more will go to principal so your loan amount your your principal amount will actually be a little bit lower closer to whatever twenty seven hundred minus 175 is but so we're gonna we're going to use these numbers here for our next calculation for our income tax savings or deductions on your schedule a of your 1040 so be right back okay now I've rewritten these so what we have again this is our principal and interest at the five and a half and the principal and interest at the four point seven five now use an estimated property taxes the $1,500 a year and a next eof hazard insurance like State Farm Farmers of 1400 which combined gives us $2,900 so then what i did i added the 29 to both the just the interest.