Mortgage calculator
Tax Benefits of Buying
Compare an itemized deduction that includes mortgage interest and property taxes against the standard deduction to estimate your first-year tax benefit.
Your numbers
Charitable gifts, state income tax, etc.
Estimated first-year tax savings
$0
Your itemized deductions don't exceed the standard deduction
First-year mortgage interest
$17,461
Deductible property tax
$2,400
State and local taxes are capped
Total itemized deductions
$21,861
Standard deduction
$30,000
This is a rough illustration only, using approximate standard deduction amounts and the federal cap on state and local tax deductions. Tax law changes and your situation may differ. Please talk with a tax professional before making decisions.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment or financial advice. We cannot guarantee their accuracy or applicability to your circumstances. Results are estimates only and are not a loan offer or commitment to lend.
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