How Taxes Affect Your Monthly Payment

Dated: 03/23/2020

Views: 38

When shopping for a home, people often set the price they want to spend as their limit and don't consider their payment as the top priority. In my opinion, this is a misleading way to budget your home purchase and could lead you to heartache when you see the tax liability that comes with your dream home. Generally speaking, taxes on new homes are higher than homes that have been around for a while. Some areas also have higher taxes than other areas. If you're considering buying a new build, remember that the taxes are going to be higher and may not be accurate when getting the estimate from the builder. Consider the scenarios below before committing to a price. Give us a call if you need to clarify anything we mention. Notice, the only thing we change is the tax amount. 

Scenario 1: New Home

Loan Amount: $350,000 

Interest: 3.5%

Taxes: $3600/year

Insurance: $1800/year

TOTAL MONTHYL PAYMENT: $2021.65

 

Scenario 2: Existing Home

Loan Amount: $350,000 

Interest: 3.5%

Taxes: $1200/year

Insurance: $1800/year

TOTAL MONTHYL PAYMENT: $1821.66

CURIOUS WHAT IT'S LIKE TO BUY A HOME or WHAT YOUR HOME IS WORTH?

Sign up for our free Buyer's Guide or home valuation by emailing us at pcs@719pcsteam.com

#VAhomeloan #FortCarson #ColoradoSprings #homes #FortCarsonhousing #offpost #719PCSteam #firsttimehome buyer #free #homeinspection #lender #title #vail #thingstodo #schrieverAFB #PetersonAFB #Fountain #bored #homesforsale #sellmyhome #homevalue #buyingahome #realtor #realestateagent #fountain #Tax

Blog author image

The 719 PCS Team

Allow us, a team of veterans, to assist you in the process of buying or selling your home. We stand ready to provide precision throughout one of the most important decisions of your life. It would be....

Latest Blog Posts

Three Reasons Why This Is Not a Housing Crisis

In this time of uncertainty and learning to do things differently, as we all working from home and home-schooling, we need to reduce our fears by educating ourselves with facts and data from past

Read More

"Honey-Do" List: Washer and Dryer Stand

I used some of my downtime and spare supplies from the garage to build this stand for our laundry room. I decided to beef it up by attaching it to the walls as well as building supports underneath.

Read More

New House on the Market

This home just hit the market today. Locaed in Falcon, which is just on the edge of Colorado Springs 3 bedrooms, 3 baths, 2 car garage.2314 Sqaure Feet$325,000There is a video tour of this home

Read More

How Taxes Affect Your Monthly Payment

When shopping for a home, people often set the price they want to spend as their limit and don't consider their payment as the top priority. In my opinion, this is a misleading way to budget your

Read More