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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. The difference between your Standard Deduction and Itemized Deductions will be displayed in the Carryover Deductions field. Unless stated otherwise, all fields below are on an annual basis. Itemized deduction amounts cannot be left blank, please enter a zero if that deduction does not apply to you.
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The results displayed above are only estimates and cannot be used to determine actual loan costs or be used as a guarantee. Please consult your tax advisor for information on the deductibility of interest for tax purposes. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.
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