jmorgan
Feb 22, 2008, 01:45 PM
How can I calculate the tax savings in a year with mortgage interest?
ScottGem
Feb 22, 2008, 01:51 PM
Mortgage interest is a deduction against income. Therefore, what you pay reduces your taxable income, dollar for dollar. So depending on your tax bracket, your savings are what you would pay on that income. If your tax bracket is 25% then that's what you save.