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rocket_beer t1_jdt9msc wrote

You are saying, that after OP puts down 30%, that his mortgage interest would eclipse $25,900 in one year?

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I just………

How big are you suggesting that his mortgage is? Over a million dollars?

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123456478965413846 t1_jdt9xe9 wrote

OP's initial post included a hypothetical interest rate of 5.85%. At that interest rate a single person would clear the standard deduction with a mortgage amount above $221,367 and a married couple would clear the standard deduction with a mortgage amount in excess of $442,735. Assuming a 30% down payment that means a house price of 287k if single or 575k is married. And that is with no other itemizable expenses. When you buy a house you always have additional itemizable expenses like property taxes and assuming you work or spend money you are paying state/local taxes. So an average priced house with OP's interest rate and down payment would be large enough to benefit from the standard deduction if OP is single and a slightly above average priced house would qualify for mortgage interest deductions if OP is married.

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