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Taxes

What Are The Tax Savings Generated By My Mortgage?

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With the interest on a mortgage being deductible when you itemize deductions, it may surprise you how much you can save in taxes. Use this calculator to determine your potential tax savings with a mortgage.

Loan Information	Input
Loan amount	(0-9999999)$
Annual interest rate	(0-30)%
Number of months: (30yrs=360)	(1-480)
Marginal tax bracket: (%)	(0-50)%
Desired table display monthly or yearly?	monthlyyearly

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Loan Information	Input
Loan amount
Annual interest rate
Number of months: (30yrs=360)
Marginal tax bracket: (%)
Desired table display monthly or yearly?

See All Calculators

{ "fields" : { "udata" : [ "loanAmount" , "interestRate" , "termMonths" , "taxBracket" , "amortization" ] } }

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This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.

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Rates

See today's average rates across the country.

• Mortgage

  Loan Type	Today	Last Week
  30 Year Fixed	5.02%	4.98%
  15 Year Fixed	4.55%	4.54%
  1 Year ARM	3.93%	3.92%
  30 Year Fixed Jumbo	5.89%	5.86%
  5/1 ARM	4.18%	4.09%
  3/1 ARM	4.73%	4.95%

  Source: Bankrate
• Home Equity

  Loan Type	Today	Last Week
  $30K Home Equity Loan	8.35%	8.30%
  $50K Home Equity Loan	8.21%	8.16%
  $75K Home Equity Loan	8.24%	8.19%
  $30K HELOC	5.22%	5.20%
  $50K HELOC	4.95%	4.93%
  $75K HELOC	4.96%	4.94%

  Source: Bankrate
• Savings

  Savings Type	Today	Last Week
  6 month CD	1.12%	1.13%
  1 year CD	1.56%	1.59%
  3 year CD	2.24%	2.27%
  MMA	1.03%	1.04%
  $10K MMA	1.11%	1.11%
  $25K MMA	1.32%	1.32%

  Source: Bankrate
• Auto

  Loan Type	Today	Last Week
  36 Month New Car Loan	6.67%	6.69%
  48 Month New Car Loan	6.79%	6.81%
  60 Month New Car Loan	6.83%	6.86%
  72 Month New Car Loan	6.12%	6.26%
  36 Month Used Car Loan	7.15%	7.21%
  48 Month Used Car Loan	7.02%	7.09%

  Source: Bankrate
• Credit Cards

  Card Type	Today	Last Week
  Business Credit Cards	9.49%	9.49%
  Low Interest Credit Cards	11.65%	11.65%
  Balance Transfer Credit Cards	12.07%	12.07%
  Cash Back Credit Cards	12.08%	12.07%
  Reward Credit Cards	13.29%	13.29%
  Instant Approval Credit Cards	13.32%	13.32%

  Source: CreditCards.com

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