Mortgage Tax Savings Calculator

Published on Jun 15, 2015 07:17 pm

Home ownership comes with many advantages, including tax benefits. If you itemize deductions on your federal income tax return, you can deduct the interest on your mortgage. The savings can be significant. Of course, you should consult a tax professional about deductions, but our Mortgage Tax Savings Calculator can help you get an idea of just how much a mortgage could save you in taxes.

Mortgage Tax Savings Calculator Definitions

  • Annual interest rate – The actual interest rate on your current mortgage, if you have one, or the interest rate you expect to get for your mortgage if you are buying a home. Research current mortgage interest rates in your area to get a better estimate of what you might expect to pay.
  • Marginal tax bracket — Basically, this is the tax bracket you fall into based on your annual gross income and IRS tax rate schedules.

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This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from, Inc., an Experian company. © 2015, Inc. All rights reserved.

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