Should i pay all at once or as much as possible or should i take out a mortgage?

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quick question...if you have the money should u try to pay as much as possible or make the minimal down payment and take out as much as loan possible?

for example, if i take out a mortgage of $160K, with 6% interest for 30 yrs. the monthly payment would be: $959.28. the total interest payment would be $185,340.80 and monthly avg. intereet payment would $514.84.

now im in the 30% tax bracket. just how much would i be able to deduct from the monthly interest that i will be paying? and how much in the end would i end up paying for total interest out of my own pocket?

or do u think it would be best that i should pay out everything out at once or as much as possible to avoid paying interest at all?

Should i pay all at once or as much as possible or should i take out a mortgage?

I would put down as much as possible, and finance the rest. Howeverm keep in mind that most banks won't do less than 40k on a mortgage. The more you put down, the lower your interest. I can help! Just shoot me an email to msmith@premierloangroup.com, and I'll help you with the math!

Marty

Should i pay all at once or as much as possible or should i take out a mortgage?

Pay for it all at once Why pay interest at all? It's giving someone free money every month

Should i pay all at once or as much as possible or should i take out a mortgage?

It really comes down to what you feel most comfortable doing. Looking at the finances - Interest on average is about $6,200 a year. The "standard" deduction for married filing jointly is $10,000. So let's say RE taxes is $2,000 and your state income taxes is around $3,000. And you have other deductions of $1,200. That gives you itemized deductions of around $12,400 ($2,400 more than standard) and saves you about $800 in taxes a year at 30%.

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Should i pay all at once or as much as possible or should i take out a mortgage?

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