When you own a home, you can deduct your mortgage interest and real estate taxes that you pay during the year. And you are correct when you say that during the first few years of paying your mortgage, most of what you're paying is interest.

The taxes you save, therefore, is pretty much your monthly mortgage payment multiplied by your tax bracket. If you live in a state that allows you to deduct your itemized deductions, you will save state taxes as well by owning your home.

As far as paying your quarterlies, it all depends on what else you have going on. Once you purchase your home, you should work through a tax projection to see how much you can adjust your quarterly taxes and/or your withholding from work. If you're paying $4,500 per month on your mortgage, and don't change the taxes you're paying in during the year, you'll most likely end up with a whopping refund.

Zip Code: cpa@mdtaxes.com