Tax Benefits of Buying A Home
Input
January
February
March
April
May
June
July
August
September
October
November
December
Month of Purchase
Single
Married
Filing Status
10%
15%
25%
28%
33%
35%
Tax Rate
Instructions
Results
Mortgage Payment:
$1,079.19
Loan Points:
$2,700.00
Interest Paid:
$4,050.00
After Tax Payment:
$848.19
Standard Deduction:
$7,100.00
Interest & Points:
$6,750.00
Real Estate Taxes:
$1,800.00
Other Deduction:
$1,350.00
Itemized Deductions:
$9,900.00
Additional Deductions:
$2,800.00
Tax Benefit:
$924.00
This calculator estimates the tax benefit of buying a home.
Input your loan parameters and the month your purchased the home. Since
home interest and points are captured in itemized deductions, please estimate
your Schedule A itemized deductions. Your itemized deductions including
your mortgage deductions will be compared to your standard deduction to
calculate the tax benefit of purchasing your home. Unless stated otherwise,
all fields above are on an annual basis. Any fields you leave blank will
be assumed zero.
