Recommended software


H

HW \Skip\ Weldon

The following was cross-posted. With corrected headers, it is copied
below:


.........................
To: (e-mail address removed)
Subject: Re: Recommend Software...
From: "jsr" <[email protected]>
Newsgroups: misc.invest.financial-plan
References: <[email protected]>


Andy:
I agree with Paul Thomas' recommendation on tax planning software to
cook these numbers for you. If you don't currently use any of the more
popular tax planning packages and you are using a fairly up-to-date PC
I believe TaxAct will do these calculations for you. You can download
it for free at download.com.

When you're estimating the interest paid on the mortgage for the first
year its reasonable to assume all of your first twelve payments will
be purely interest on a 30 year mortgage. Each year beyond that will
obviously be less and less interest for you to claim.

You will also want to keep in mind the home ownership expenses and
property taxes that Paul Thomas mentioned as well as the closing costs
of the mortgage. If you'll be paying the closing costs out of your
pocket rather than wrapping them into the mortgage then your
break-even point for comparing rent vs. home ownership will extend out
a bit further. (And even further if the home inspection didn't reveal
that your oil-fired furnace was installed incorrectly, or so I've
heard.)

Enjoy!
JSR

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-HW "Skip" Weldon
Columbia, SC
 
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