Calculating Tax Savings
Loan Payment Loan Amount (principal) Interest Rate Loan Period Payment Deductible Expenses Monthly Interest Property Taxes * Total Deductible Expenses Tax Rate (from chart below) ** Tax Savings Calculate out of pocket housing expenses (after tax) Monthly Mortgage Payment Property Taxes Insurance (estimate) Monthly Payment subtract tax savings $ $
Purchase Price ________
% months per month (1)
Principal x Interest Rate/12 = $ Rate x Purchase Price/12 = $ (2 + 3) $
(2) (3) (4) % (5)
(4 x 5) $ (1 above) $ (3 above) $ $ (7 + 8 + 9) $ (#6 above) ( $ $ )
(6) (7) (8) (9)
OUT OF POCKET MONTHLY HOUSING EXPENSE
THIS IS AN ESTIMATE ONLY. YOUR ACTUAL TAX SAVINGS MAY VARY. CONSULT YOUR TAX ADVISOR.
** 2 0 0 3 I N C O M E T A X B R A C K E T S
Taxable Joint Income Taxable Single Income Combined Effective Rate
* Estimated Property Tax Schedule
Albany Berkeley El Cerrito Kensington 1.75 1.75 1.5 1.5 1.6 1.5 1.45
$46,700 to $60,600 60,601 to 76,600 76,601 to 112,800 112,801 to 172,000 172,001 to 307,000 Over 307,001 28,000 to 38,000 38,001 to 68,000 68,001 to 141,000 141,001 to 307,000 Over 307,001
31.38% 32.84 33.78 37.00 41.04 44.31
Oakland Piedmont Richmond
Actual property taxes may only be determined by reviewing current property tax bill.