Finding peace of mind, protecting his legacy.
William Harrison, a widower with a $4.2 million estate, was feeling overwhelmed by the upkeep and property taxes on his large family home. While he cherished the memories made there, the $8,000 annual property tax bill and maintenance costs were hindering his ability to significantly contribute to his favorite charities and secure his grandchildren's future, all while he was already dealing with an outdated trust.
Using the PITI Calculator, we demonstrated how downsizing to a smaller home with a lower PITI payment would free up significant capital. By selling his current home and purchasing a smaller condo, William reduced his annual property tax burden by $3,200 and decreased overall housing expenses. This allowed him to increase his charitable donations and establish a more robust education fund for his grandchildren.
We used the PITI Calculator to compare William's current PITI payment with potential PITI payments on various smaller properties, factoring in different interest rates and down payment amounts. We coupled this with our Refinance Calculator to determine the best mortgage options for him.
$3,200 in annual savings on property taxes, increased charitable giving by $10,000 annually, and a fully funded $50,000 education fund for each of his 7 grandchildren.
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