Buying my first house. 300k sale price, putting 20% down so approx 240k loan. My options are a 30yr at 4.375 or 15yr at 3.375.
Monthly payment after taxes and insurance on the 15yr is about 2075. I'm self-employed, so I'm new to learning what I can and can't write off on my taxes. From what I've read, I can deduct mortgage insurance and estate taxes.
I also have a sizable home office in the new property. So I'll be taking a deduction on that, though I'm still figuring out exactly what I'll be able to write off if I don't choose the standard $5 per sq ft deduction (max of $1500).
I'm leaning towards 15yr but is there anything I'm not thinking of here? Both mortgages allow any additional $ paid to go to the principle and there are no early-payment penalties. My thought is to go hard the next 5 years and pay off as much as possible.
I'm new to home ownership and just want to make sure I'm not missing anything, as this process is a bit overwhelming.
More real estate tips at Program Realty Wix site