How to Deduct Home Mortgage Loan Interest
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When making a Mortgage Loan Prepayment, does it reduce the principle amount you have to pay each month?Currently I am about to close on a house and have a 30 year fixed rate mortgage. My question is whether paying additional amounts above my normal mortgage payment reduces the amount I will have to pay each month, or whether it just reduces the amount of periods in my loan term.
Converting your monthly payments into bi-weekly payments is 752*26/24 = $815. Basically it adds $63 to your monthly payments, so you are correct, your $200 extra works better.
And your math is correct, adding $200 to your monthly payments will pay it off in 15 years. Using the bi-weekly option would pay it off in 22 years. The best advantage to bi-weekly payments though is if you yourself also get bi-weekly. Then your income and your mortgage are on the same cycle and it's simple to manage. It's dumb that they charge a setup fee though, I'd argue that.
My country clerk mailed me a postcard as a receipt that it was paid. I would call if you aren't sure.
YouTube may be relatively new but educational information such as this was in many weekly real estate section in legions of newspapers. There was absolutely no reason for a foreclosure crisis to occur over these exotic scheme loans like No Downpayment, Pick You Own Payment Schedule, Interest Only, No Stated Income, and the rest. In any age, the information have nots will be on the outside looking in…
Real estate taxes on the rental property are fully deductible on Schedule E.
Debt you incurred for the rental business is deductible on Schedule E regardless of the property used to secure the debt. The $20,000 for you borrowed to improve the rental property is business debt, and the interest on this debt is deductible on Schedule E.
Using a business property to borrow money for nonbusiness purposes does not give you a deduction for interest. The debt is personal debt, and the interest for 1, 2, and 4 are not deductible.
However, interest on HELOC debt on your principal residence is deductible, generally up to $100,000. You might be able to refinance your home and pay down the nonbusiness part of the debt on your rental property, and take a HELOC interest deduction for your principal residence on Schedule A.
It's always good to see someone who has done some solid research before asking a question! Your analysis is correct, and shows that your points are eligible to be deducted as interest. On your specific items #2-3: two points (2%) is well within the range of "established business practice" in most areas and would not be questioned by the IRS — you could ask your real estate agent or lawyer if you want local reassurance.
On the "cost basis" of the house, you are correct in saying that you must reduce the stated cost of the house by the amount of points paid by the seller. For example, suppose the house cost $200,000 plus two points ($4,0000). You paid a total of $200,000 (including mortgage funds from the bank) to the seller, then the seller paid $4,000 to the bank. Since you didn't come up with $204,000 yourself, but only $200,000, then the amount you paid is $4,000 in points plus $196,000 for the house. That $196,000 is the "cost basis," which you must use as the cost of the house when you claim the home-buyer credit. This is so that you are not claiming tax benefits twice on the $4,000 — once when deducting points and again when claiming the tax credit. If you decide not to deduct the $4,000 points paid by the seller, your "cost basis" for the house will be $200,000. Of course, your numbers will differ from this example, but none of the other numbers in your closing statement (for broker commissions, survey, prepaid property taxes, etc., etc.) will affect the outcome of your analysis.
Good luck in your new home!
So what the heck is your question? you just answered yourself.