Your Questions About Check My Mortgage Interest

Charles asks…

How much returns will I be getting from the mortgage interest what I paid for 2009 ?

– I am a new home buyer for 2009
– brought home in july 2009
– got a 15 yr fixed for 5%
– purchase price 225K
– 20% down
– monthly mortgage is $1375 ( $675- interest , 700 -principal)
my W2 is 50K
-married with one 4yr old kid(i am only one working in home)

When I file my taxes this year, I know I will get the 8K for first time home buyer credit.

Now as far as the monthly mortgage interest what i paid in 2009 ( $675 x 4 months = $2700),
how much $$$ amount will I be getting back from this $2700.

Just wanted to check as every says that the mortgage interest what we pay is deductible, all I wanted to know how much return I will be getting back from this $2700(approximate )


admin answers:

Depends in what tax bracket you are. 15% bracket then you get 15% back $405.
Please use a professional since other parts of the closing costs are also deductible.

Sandy asks…

Am looking for software that can check if the correct interest is being charged on my UK mortgage. ?

admin answers:

If you really think you may have been overcharged big time, you could start by going to
however, their service will cost you a standard fee – so be sure it’s what you want to do.
Martin’s Money Tips has a good guide on understanding interest on loans, including mortgage interest, but doesn’t specifically answer your question…
However, this snippet looks like it might do exactly the job you want – so check it out.
“The best thing you can do is to track your own repayments and keep an eye on your interest calculations. You can use a spreadsheet (if you are good at the maths), or just download one of the better mortgage audit software packages out there and let it do it for you. I use the one from My bank had set up the wrong rate, and was overcharging me £49 a month, but luckily the software pointed it out straight away.” (Celine, Epsom, Surrey, UK) quoted from
Home Money Manager will charge you $97 for the software but it could be money well spent.

Laura asks…

Difference in mortgage interest?

I pay my mortgage every month, by the end of the month, for the next month. So- for February 2009, my checks will be in by 1/31/09. Theoretically, if I paid the mortgage early, say, by the 15th, would it make a difference with interest?

admin answers:

It depends on the specifics of your mortgage agreement. Some it would, some it wouldn’t. Assume it does not help unless you know it does. Call and ask.

William asks…

My ex wife got the house, but the mortgage is in my name and she refuses to refinance. Can I deduct interest?

I checked the mortgage lenders 1099 IRS form, and I am the sole tax payer on the mortgage. Can I deduct the interest?

admin answers:

You need to contact a RE attorney or Family law attorney. On this.
Or a CPA

Ruth asks…

Do interest Mortgage rate change over the weekend?

Id like to know so I dont have to check so often. My bank is USAA

admin answers:

Yes since the markets are international the rates fluctuate constantly
If you find one for 5% or less just lock in and get the process going.

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