Mortgage 101 provided by: Dream Homes California

 

  3 of 11 Calculators  
Tax Benefits of Buying A Home

Input


 Home Value
 Loan Amount
  Interest Rate
 Points
 Loan Term
 Month of Purchase

    Filing Status
          Tax Rate
 State Tax Rate(%)
 Real Estate Taxes
 Medical & Dental
 Gifts & Charity
 Theft & Losses
 Job Expenses

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.

Results

Mortgage Payment: $1,320.78
Loan Points: $2,700.00
Interest Paid: $5,400.00
   
   
   
After Tax Payment: $978.40
Standard Deduction: $7,100.00
Interest & Points: $8,100.00
Real Estate Taxes: $1,800.00
Other Deduction: $1,350.00
Itemized Deductions: $11,250.00
Additional Deductions: $4,150.00
Tax Benefit: $1,369.50

NOTE:The accuracy and applicability of this calculator is not guaranteed.

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