Instructions
This calculator estimates the tax benefit of buying a home. Input your loan parameters and the month you purchased the home. Since home interest and points are captured in itemized deductions, please estimate your Schedule A itemized deductions. Your itemized deductions including your mortgage deductions will be compared to your standard deduction to calculate the tax benefit of purchasing your home. Unless stated otherwise, all fields above are on an annual basis.
Input
200,000 Home Value
180,000 Loan Amount
6.000 Interest Rate
2 Points
30 Loan Term
[ months ] Month of Purchase
[ single/married ] Filing Status
[ 10/15/25/28/33/35% ] Tax Rate
5 State Tax Rate(%)
1,800 Real Estate Taxes
250 Medical & Dental
500 Gifts & Charity
100 Theft & Losses
500 Job Expenses
Results
Mortgage Payment: $1,079.19
Loan Points: $2,700.00
Interest Paid: $1,350.00
After Tax Payment: $1,046.19
Standard Deduction: $7,100.00
Interest & Points: $4,050.00
Real Estate Taxes: $1,800.00
Other Deduction: $1,350.00
Itemized Deductions: $7,200.00
Additional Deductions: $100.00
Tax Benefit: $33.00
This calculator estimates the tax benefit of buying a home. Input your loan parameters and the month your purchased the home. Since home interest and points are captured in itemized deductions, please estimate your Schedule A itemized deductions. Your itemized deductions including your mortgage deductions will be compared to your standard deduction to calculate the tax benefit of purchasing your home. Unless stated otherwise, all fields above are on an annual basis. Any fields you leave blank will be assumed zero.