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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. Unless stated otherwise, all fields above are on an annual basis.

Results
Mortgage Payment: $1,079.19
Loan Points: $2,700.00
Interest Paid: $4,050.00
   
   
   
After Tax Payment: $848.19
 
Standard Deduction: $7,100.00
Interest & Points: $6,750.00
Real Estate Taxes: $1,800.00
Other Deduction: $1,350.00
Itemized Deductions: $9,900.00
Additional Deductions: $2,800.00
Tax Benefit: $924.00

These calculations are only estimates and should not be used to determine actual loan costs. Please consult your tax advisor for information on the deductibility of interest for tax purpose. 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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