Navigating complex finances with clarity.
Linda is approaching her partnership buyout, netting a significant $1.5 million in deferred compensation. However, she also wants to purchase a $900,000 waterfront property as her 'forever home'. Juggling the tax implications of the buyout, her existing investment portfolio, and the affordability of her dream home, particularly the Property Taxes, Insurance, and Interest (PITI) components, presents a significant challenge. She’s unsure if she can comfortably afford the new mortgage payments, especially as she scales back her work hours post-buyout.
Using Golden Door Asset's PITI calculator, we precisely determined Linda's monthly housing costs for the $900,000 property, factoring in a $200,000 down payment, estimated property taxes, homeowner's insurance, and a projected mortgage interest rate. The calculator revealed a PITI of approximately $5,500 per month. We then used the refinance calculator to explore the potential for lower rates in the future, and the home loan calculator to understand the impact of different down payment amounts. This allowed Linda to confidently assess the affordability of the property in relation to her post-buyout income and investment returns.
The PITI calculator allows for dynamic adjustments to loan amount, interest rate, property taxes, and insurance premiums. This real-time analysis enabled Linda to compare various scenarios and make informed decisions about her home purchase and overall financial strategy.
$18,000 per year estimated property taxes factored into long-term financial planning.
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