What tax savings is my mortgage generating?

Deductible mortgage interest can have a big impact on your taxes.

If you haven't itemized deductions on your tax return in the past, taking on a mortgage may change that. People itemize deductions on their income tax returns when the value of their deductions exceeds the standard deduction. The mortgage interest you pay is a deductible item, and it can reduce your taxable income substantially. Use this calculator to determine the potential tax savings of your mortgage.