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Calculate Tax Benefits of Owning a Home

Enter input values here:
Principal Amount $
Yearly Interest
Rate %
Points
Term in Years
Month of Purchase
Filing status
Tax Rate
Real Estate Taxes
Medical and Dental
Gifts and Charity
Theft and Losses
Job Expenses
Other Deductions



Output values:
Loan Points (1)     $3,000.00
Number of Months (2)     12
Mortgage Payment for 12 mo.(3)     $7,983.63
Mo. Mortgage Payment [(3)/(2)](4)     $665.30
Total Interest Paid in 12 mo.(5)     $6,967.82
Monthly Interest Paid [(5)/(2)](6)     $580.65
Beginning Mortgage Balance(7)     $100,000.00
Mort. Balance, end of 1st year(8)     $98,984.19
Principal Reduction, [(7)-(8)](9)     $1,015.81
Tax Rate(10)     28.00%
Total Tax Reduction, [(5)*(10)](11)     $1,950.99
Mo. Tax Reduction [(11)/(2)](12)     $162.58
After Tax Mo. Paym.[(4)-(12)](13)     $502.72

Standard Deduction(14)     $4,300.00
Interest and Points [(5)+(1)](15)     $9,967.82
Real Estate Taxes(16)     $1,200.00
All Other Deductions(17)     $1,450.00
Itemized Deductions [(15)+(16)+(17)](18)     12,617.82

Tax Benefit for using Itemized Deductions instead of Standard Deduction [(14)-(18)]     $8,317.82

NOTE:The accuracy and applicability of this calculator is not guaranteed.


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