Mortgage Interest Deduction Calculator

Congress is still debating whether to reduce the highly prized mortgage interest deduction which every realtor will tell you saves you a ton of money. The reality is that for many people with loan balances smaller than $200,000 this will really not effect them very much. People have an inflated perception on how much they are saving from the deduction. In 2006 the standard deduction for a married couple has grown to $10,300 which is more than many middle income households pay in interest and property tax per year. This calculator calculates how much federal income tax you save now from your itemized deductions (mortgage interest, property tax, charitable contributions, etc.) compared with the standard deduction.

$
(Typically 1 per person in a household)
$
$
$
$
$
$
$
$
$
Married - Single
Head of Household - Married Filing Seperately
$
$

Results

Deductible Loan Interest:$0.00
Deductible Taxes:$0.00
Charitable Contributions:$0.00
Total Itemized Deductions:$0.00
Total Personal Exemptions:$0.00
Taxable Income w/ Standard Deduction :$-10,300.00
Taxable Income w/ Itemized Deductions:$0.00
Your itemized deductions do not save you anything!
Your 2006 Tax Bracket 10 %
Click Here to Get Matched With a Lender»

Get started today!

It only takes a few minutes to get started and best of all, it’s completely free. Get started finding the best mortgage options for you now.

Start Here

When inquiring about a loan on this site, this is not a loan application. This is not an offer to lend and we are not affiliated with your current mortgage servicer. Upon the completion of your inquiry, we will work hard to match you with a lender or lenders who may assist you with an official loan application and provide loan product eligibility requirements for your individual situation.

When applying for a loan, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved. Minimum credit ratings may vary according to lender and loan product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee. Any loan product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product.

This site is in no way affiliated with any news source or government organization and is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. This site may contain affiliate and partner links. This website and the company that owns it is not responsible for any typographical or photographic errors. If you do not agree to our terms and policies, then please leave this site immediately. If you submit your mobile number on this website you agree to receive marketing based text messages. Consent is not required for purchase. You will receive up to 4 messages per month. Standard text and data rates may apply. Reply STOP to stop & HELP for help.

Contents of this website are copyrighted property of the owner of this website. All trademarks, logos, and service marks (collectively the "Trademarks") displayed are registered and/or unregistered Trademarks of their respective owners.

In the event that you discovered this website through an advertisement, such advertisement may consist of stock photos, images, video or other publicly available resources. Any spokesperson used is an employee of the advertiser that owns and operates this website and is not a paid spokesperson or influencer.

© 2019 Mortgage.Info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.