finance mortgage payment

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your mortgage payment is \$1,500 per month. Of this amount, insurance is %50, property taxes are \$200, and interest averages about \$1,100. Assuming you have other itemized deductions that already exceed your standard deduction and that you are in the 31% marginal tax bracket, what is the reduction in your annual income tax liability ad a result of owning a home with this mortgage?

• finance mortgage payment -

A home is purchased for \$175,000 with a 15% down payment. Use the monthly payment formula to find the monthly payment if the mortgage is 6.8% for 30 years.

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