Relocation planning with personalized financial precision.
The Petersons are concerned about several financial aspects of relocating. Firstly, they need to determine how much they can realistically afford for a new home in Florida, factoring in the sale of their current New York property, potential capital gains taxes, and differing property tax rates. Secondly, they want to optimize their mortgage strategy, considering down payment size and loan terms, to minimize their monthly expenses and overall interest paid.
Using Golden Door Asset's Loan Calculator, we helped the Petersons understand the impact of various mortgage options in Florida. We calculated that with a $300,000 down payment and a 30-year fixed-rate mortgage at 6.5%, their estimated monthly payment would be $3,160 (principal and interest). Running multiple scenarios allowed them to understand the payment differences with variable interest rates, as well as different down payment options. We coupled this with our PITI calculator to show them the full monthly tax burden and potential savings versus staying in New York.
The Loan Calculator was used to simulate different mortgage scenarios, factoring in loan amounts, interest rates, and loan terms. This was used in conjunction with the PITI calculator to determine the total monthly housing expenses, including property taxes and insurance, for a property in Florida versus remaining in New York.
$65,000 estimated tax savings over 5 years, plus increased cash flow to enjoy their retirement
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