Homeowner Insurance Insurance Renovation Taxes 
Savings Corner
DECEMBER 25, 2023
We included ongoing payments for rent and renter’s insurance and a one-time security deposit. It takes into account typical spending on home renovations and maintenance. Your result assumes you’ll deduct on your taxes the costs for mortgage interest, PMI and property tax, and that your marginal income tax is 25%.
Savings Corner
APRIL 4, 2024
Cash-out refinances are generally best for big-ticket costs: Think home renovations or major debt consolidation. You can take advantage of tax deductions: If you use the funds for home improvements, you could take advantage of the interest deduction. This can be a boon for your credit score. There are no limitations.
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