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    jmorgan's Avatar
    jmorgan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 22, 2008, 01:45 PM
    Tax refund on mortgage interest
    How can I calculate the tax savings in a year with mortgage interest?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    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.
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