How Much Do I Qualify For?
Other Determining Factors
Mortgage interest, property taxes, loan fees or “points” are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 32% tax bracket, this is equivalent to receiving a 32% discount on your mortgage interest and property taxes. During the first few years of your mortgage, your tax savings are especially high because most of your monthly payment goes toward loan interest.