# Tax Savings Mortgage Calculator

Input

### Property Information

Home Value:
Years Before Sell:

Loan Amount:
Interest Rate:
Term:
Points:
Closing Costs:

### Taxes and Insurance Information

Annual Taxes:
Annual Insurance:
Annual PMI:

### Your Tax Rates And Deductions

Federal Tax Rate:
State Tax Rate:
Deductions:
 87 87 87

## Tax Savings Mortgage Calculator

Based on your home value of \$300,000.00, loan amount of \$250,000.00, interest rate of 5%, term length of 30 years, 1 points, closing costs of \$1,200.00, annual taxes of 1%, annual insurance of 0.5%, annual PMI of 0.4%, federal tax rate of 26%, state tax rate of 5%, and deductions of \$3,000.00, your tax savings will be \$18,629.49 after the first year and \$72,273.23 overall. Your average payment after taxes, during the first year of your mortgage, will be \$1,506.56, and \$1,616.29 total.

Your total deductions will be \$325,639.50, which is calculated by adding your total interest and points to the total property taxes paid. Since these are deductible, they effectively lower your after-tax payment. The amount you will save, then, is \$72,273.23 over the life of your loan.

Current Interest Rates
PRODUCT +/- Rate Last week
30 year fixed 4.09% 4.16%
15 year fixed 3.25% 3.30%
5/1 ARM 3.28% 3.36%
PRODUCT +/- Rate Last week
30 year fixed refi 4.09% 4.17%
15 year fixed refi 3.25% 3.34%
10 year fixed refi 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan 3.20% 3.20%
48 month used car loan 3.18% 3.19%
60 month new car loan 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD 0.75% 0.71%
1 Year CD 1.24% 1.24%
2 Year CD 1.41% 1.41%
PRODUCT Rate
MMA and SAVINGS 0.58%
\$10k MMA 0.57%
Interest Checking 0.43%
Compare Mortgage Rates
Type of Loan:
Home Description: