The income from paycheck is after income tax and FICA tax (social security and medicare).FICA rate is 7.65%, that means his income tax rate is 9.35%. The lowest federal income tax rate is 10% now. It is for taxable income 0- $7000. His marginal tax rate should be 28%,unless he deduct huge amount of property tax and mortgage interests(itemized deduction). I assume he is signle. Since his house is not expensive and his paid $150k downpayment, his itemized deduction cannot be too much.
Is there any one pay $150k down payment for a house wroth $250k(exlduding interests)? It is not typical.
The gas price is around $3/gallon.