Mortgage Tax Benefit: What’s the Real Value of Your Mortgage?
Your home is likely your biggest investment, so knowing exactly what you’re paying for it is just common sense. But when people map out the life of their mortgage and the total cost — even factoring the best mortgage rate, they often fail to consider the copious tax benefits they will receive. We take a look at three home-buyer scenarios to determine just how much they will receive in tax benefits over the life of their loan, and the total amount they will have paid when their loan is finally over. Also included is the cutoff point for each filing status for when the standard tax deduction becomes more than the itemized deduction.