Get Low Rates for 29 July 2010
Mortgage Calculators
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Mortgage Tax Savings CalculatorThis calculator will help you determine how much you save in taxes from your mortgage payments. | ||
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| Loan Amount | $ |
| Loan Length | years |
| Interest Rate | % |
| Points | % |
| Origination Fees | $ |
| Closing Costs | $ |
| Federal Tax Rate | % |
| State Tax Rate | % |
| Home Value | $ |
| Property Tax | % $ |
| Property Insurance | % $ |
Calculator Help
For given loan characteristics and personal tax status, this calculator calculates the effective (tax adjusted) interest rate on a loan.
Because for most taxpayers, interest on loans used to finance primary residence is deductible for tax purposes, effectively the government is subsidizing the cost of the loan. For taxpayers with positive income tax rate, the effective loan cost will be lower than the loan APR quoted by the lender.
Typically, if your loan-to-value (LTV) [?] is more than 80%, the lenders will require that you obtain private mortgage insurance (PMI) [?], however this calculator does not account for PMI. The reason is that today many lenders offer alternatives programs like 80:10:10 [?] or 80:20 [?] which do not require you to pay PMI.
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