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Generally, the interest portion of your monthly mortgage payment is tax deductible. Mortgage discount points, optional extras that you pay to reduce your mortgage rate when you set up a home loan, are also generally tax deductible. However, points paid to agencies or brokers are not deductible. You can consult your tax advisor to determine what your specific tax deductibility will be for your personal financial situation, but in the meantime use the calculator below, which will show you how much money you can save by deducting your interest payments from your taxable income.
The mortgage tax savings calculator will calculate what your potential tax savings are based on the mortgage rate you will pay on your home loan and the number of points that you pay. It also takes into account the Federal and State tax rates that you pay. If you click Federal tax rate, a useful popup will appear, displaying a table of the current Federal tax rates depending on your income and circumstances.
The calculator is also useful as it enables you to take into account your closing costs, such as origination fee (the percentage of your loan which is paid to the lender up front alongside the deposit) and mortgage points. This in turn gives you a calculation of your potential APR, both before and after tax. Once all of your information is in the calculator, you can click "Calculate" to see a brief analysis of your first year tax savings, or click "View Report" for a detailed breakdown including your average savings over the term of the loan.
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If you're satisfied with the calculator’s result , the next step is to get in touch with potential lenders and begin the process of obtaining a mortgage loan. But rather than do that yourself, why not let us do the hard part for you? Simply click "Get FREE Quote," answer a few brief questions and our trusted lending partners will evaluate your financial profile and contact you directly with their best offers. It couldn't be easier; the lenders come to you, so you don’t need to go to them!
This depends on a number of factors, particularly the amount you are borrowing, the interest rate, and the term of the loan. Take a look at our Mortgage Points Calculator – this tool will help you to understand clearly whether or not buying mortgage points is the right decision, depending on your own circumstances. There’s not one solution to suit everyone, so use this free calculator to ensure you are making the best decision for yourself.