Calculate your potential tax savings from the mortgage interest tax deduction.
This tool helps you understand whether itemizing deductions could actually lower your federal taxes — based on current rules.
🏠 Mortgage Interest Tax Deduction Calculator
Estimate your potential federal tax savings
💡 What your result means
After calculating, you’ll see:
- Your estimated annual mortgage interest
- Your total itemized deductions
- The standard deduction for your filing status
- Whether itemizing is likely to reduce your taxes
- Your estimated annual tax savings
If your savings are small or zero, that’s normal for many homeowners.
If they are meaningful, the next step is making sure you file correctly.
What should you do next?
If itemizing looks beneficial, most homeowners:
- Use tax software to compare deductions automatically, or
- Get help if their situation feels complex (refinance, second home, rental income)
👉 Learn how homeowners usually handle mortgage interest deductions
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❓ Frequently Asked Questions
What is the mortgage interest tax deduction?
It allows eligible homeowners to deduct the interest paid on their mortgage — but only if they itemize deductions.
Do I automatically get this deduction?
No. You must itemize deductions on Schedule A, and it only helps if itemizing beats the standard deduction.
What’s the mortgage limit for this deduction?
For mortgages taken after December 15, 2017, interest is deductible on up to $750,000 of mortgage debt ($375,000 if married filing separately).
Can I deduct interest on a second home?
Yes, in many cases — as long as the combined mortgage debt stays within IRS limits.
When does itemizing usually make sense?
When your total itemized deductions exceed the standard deduction for your filing status.
⚠️ Disclaimer
This calculator provides estimates for educational purposes only.
Actual tax savings depend on your full financial situation and current tax law.
Consult a tax professional for personalized advice.