My husband and I are buying a townhouse?
It’s time for my husband and I to buy a townhouse. We’ve lived in an apartment for years and are ready to take the step and purchase something of our own. We chose a townhouse because of it being low maintenance and just enough room for us. There’s a new town-home community being built near our house and we’ve met with them a few times. One question still is left unanswered.
The manager keeps telling us “as long as you do your taxes right, you’ll be paying $ 835/month instead of $ 1100/month.” I’ve researched it online and can’t seem to wrap my head around it. Do we pay $ 1093/month then claim the interest on our taxes that we spent? If so, then we can claim $ 3096?? (I understand that I could claim the standardize deduction). How is that so? The government is not going to give me the money back … Why not just keep it on the loan, then our mortgage will be $ 4000 closer to $ 0. And do we claim the interest every year? Or is this a one time thing?
Someone just explain it in simple easy terms. Our mortgage loan will be about $ 160,000.