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Tax Benefits of Buying a Home
Loan Information

Loan Amount ($)
Interest Rate (%)
Points
Loan Term (Yrs)
 Month of Purchase
 Filling Status
  Tax Rate
State Tax Rate (%)
Real Estate Taxes ($)
Other Deductions ($)

Results
Mortgage Payment: $1,022.02 Standard Deduction: $7,850.00
Loan Points: $3,600.00 Interest & Points: $12,262.50
Interest Paid: $8,662.50 Real Estate Taxes: $1,800.00
Other Deductions: $1,350.00
Itemized Deductions: $15,412.50
Additional Deductions: $7,562.50
After Tax Payment: $772.46 Tax Benefit: $2,495.63

Instructions
This calculator estimates the tax benefit of buying a home. Please enter your loan parameters as well as the month in which the loan closed (e.g. the home was purchased). Interest payments and mortgage points are captured in itemized deductions of your tax return, hence please estimate your Schedule-A itemized deductions. In this calculator, your itemized deductions (including your mortgage deductions) are compared to your standard deduction to calculate the tax benefit of purchasing the home.

Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.
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