Mortgage Tax Savings Calculator

If you’re a homeowner, the interest you’re paying on your home loan could help cut your tax bill. Our mortgage tax savings calculator estimates your average yearly tax savings on a mortgage loan and calculates your after-tax interest rate on the loan. Closing costs are generally not tax-deductible. However, charges for a specific interest rate (or discount points), could be amortized over the term of the loan if you are refinancing, or fully deductible if you are purchasing a home. Use our tool below to see what your average yearly tax savings could be.