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BUYING A HOUSE
THAT NEEDS WORK?
NEED A FIXER-UPPER
LOAN?

Information Resource Center

Tax Benefits of Buying A Home

Input

Home Value
Loan Amount
Interest Rate
Points
Loan Term
Month of Purchase

Filing Status
Tax Rate
State Tax Rate(%)
Real Estate Taxes
Medical & Dental
Gifts & Charity
Theft & Losses
Job Expenses

Instructions
This calculator estimates the tax benefit of buying a home. Input your loan parameters and the month you purchased the home. Since home interest and points are captured in itemized deductions, please estimate your Schedule A itemized deductions. Your itemized deductions including your mortgage deductions will be compared to your standard deduction to calculate the tax benefit of purchasing your home. Unless stated otherwise, all fields above are on an annual basis.

Results
Mortgage Payment:	$1,079.19
Loan Points:	$2,700.00
Interest Paid:	$4,050.00



After Tax Payment:	$848.19


Standard Deduction:	$7,100.00
Interest & Points:	$6,750.00
Real Estate Taxes:	$1,800.00
Other Deduction:	$1,350.00
Itemized Deductions:	$9,900.00
Additional Deductions:	$2,800.00
Tax Benefit:	$924.00

This calculator estimates the tax benefit of buying a home. Input your loan parameters and the month your purchased the home. Since home interest and points are captured in itemized deductions, please estimate your Schedule A itemized deductions. Your itemized deductions including your mortgage deductions will be compared to your standard deduction to calculate the tax benefit of purchasing your home. Unless stated otherwise, all fields above are on an annual basis. Any fields you leave blank will be assumed zero.