whitestavern Posted October 22, 2017 Share Posted October 22, 2017 Do you include taxes? insurance? home equity payments? It doesn't say. We don't pay taxes as part of our mortgage payment, but many people do escrow it, so I'm not sure what to include. Anyone here know for sure? Quote Link to comment Share on other sites More sharing options...
regentrude Posted October 22, 2017 Share Posted October 22, 2017 (edited) I don't think you can count home equity payments. That's not your primary mortgage, but money you have borrowed with your home equity as collateral to use for other purposes than housing. We just put the monthly mortgage payments. Edited October 22, 2017 by regentrude Quote Link to comment Share on other sites More sharing options...
whitestavern Posted October 22, 2017 Author Share Posted October 22, 2017 Just an FYI if someone else has the same question. You DO include home equity in what you owe on your home but not in the monthly payment section. You DO NOT include taxes or interest in the monthly payment. I wish they had somewhere to include your property taxes as ours are a significant monthly expenditure :( 1 Quote Link to comment Share on other sites More sharing options...
regentrude Posted October 22, 2017 Share Posted October 22, 2017 (edited) Just an FYI if someone else has the same question. You DO include home equity in what you owe on your home but not in the monthly payment section. You DO NOT include taxes or interest in the monthly payment. I wish they had somewhere to include your property taxes as ours are a significant monthly expenditure You already get a tax deduction for your property taxes and mortgage interest on your tax return; this is factored in when your adjusted gross income is calculated, and the AGI is what your EFC is based on. So, they already considered your interest and property tax. Edited October 22, 2017 by regentrude Quote Link to comment Share on other sites More sharing options...
plansrme Posted October 23, 2017 Share Posted October 23, 2017 You already get a tax deduction for your property taxes and mortgage interest on your tax return; this is factored in when your adjusted gross income is calculated, and the AGI is what your EFC is based on. So, they already considered your interest and property tax. Not if you take the standard deduction rather than itemizing. Quote Link to comment Share on other sites More sharing options...
whitestavern Posted October 23, 2017 Author Share Posted October 23, 2017 We do itemize, so regentrude is correct. I forgot that detail--I'm mired in numbers today and my brain is fried. Thankfully the CSS and FAFSA are now complete! Quote Link to comment Share on other sites More sharing options...
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