Testimonials

"I wanted to take a moment to recognize 800775LOAN.com for your outstanding customer service in my recent home refinance process. The knowledge and professionalism of your staff was exceptional. My Mortgage Planner explained the entire process and managed all of my expectations before we got started. He gave me honest advice while taking the time to clarify all of my options on different loans available. He presented a cost benefit analysis for each option so that I could make an informed decision. Then he investigated the specific state requirements for Massachusetts and made sure he followed the regulations so that we could close without any last minute holdups. His communication skills were remarkable. He kept me informed every step of the way, and always made sure he was available to answer questions and concerns. I have recommended 800775LOAN.com to my colleagues and family. Many people I have spoken with choose not to enter into the refinance process because it can be intimidating and time consuming. These folks really need to have a conversation with 800775LOAN.com and I am confident they would proceed!! I am so appreciative of the time and effort 800775LOAN.com spent to make sure my loan process went smoothly. In this time of recession, we are very thankful to have worked with 800775LOAN.com. Because of your experienced staff we were able to refinance and save a huge amount of money. We have secured a loan that will serve us very well over the next 30 years!"

- Dr. Nancy P.
MA

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Mortgage Tax Savings Calculator

Mortgage Tax Savings Calculator

Mortgage Tax Savings Calculator

Interest paid on a mortgage is tax deductible if you itemize on your tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.

Mortgage Tax Savings Calculator
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Definitions

Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible. Home equity loans are limited to $100,000 or the amount of equity you have in your home. Our calculator limits your interest deduction to the interest payment that would be paid on a $1,000,000 mortgage.

Interest rate

Annual interest rate for this mortgage.

Interest rate after taxes

Annual effective interest rate, after taxes are taken into account. Please note that in addition to the $1,000,000 mortgage debt limit; this calculator assumes that your itemized deductions will exceed the standard deduction for your income tax filing status. If your itemized deductions don't exceed your standard deduction, the benefit of deducting the interest on your home will be reduced or eliminated. For 2008, the standard deductions are $10,950 for married couples filing jointly, $5,450 for married couples filing separately and singles, and $8,000 for heads of household. You should also be aware that the total tax savings may be less for higher incomes that have their allowable itemized deductions phased out.

Term in years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Monthly payment

Monthly principal and interest payment (PI).

Federal tax rate:

The marginal Federal tax rate you expect to pay. Use the table below to assist you in estimating your 2008 tax rate.

Source: http://www.irs.gov/pub/irs-drop/rp-07-66.pdf

Filing Status and Income Tax Rates 2009
Caution: Do not use these tax rate schedules to figure 2008 taxes. Use only to figure 2009 estimates.
Tax rate Married filing jointly
or Qualified
Widow(er)
Single Head of household Married filing separately
10% $0 - 16,050 $0 - 8,025 $0 - $11,450 $0 - 8,025
15% $16,051- 65,100 $8,026- 32,550 $11,451- 43,650 $8,026- 32,550
25% $65,101- 131,450 $32,551- 78,850 $43,651- 112,650 $32,551- 65,725
28% $131,451- 200,300 $78,851- 164,550 $112,651- 182,400 $65,726- 100,150
33% $200,301- 357,700 $164,551- 357,700 $182,401- 357,700 $100,151- 178,850
35% over $357,700 over $357,700 over $357,700 over $178,850

State tax rate:

The marginal state tax rate you expect to pay.

Annual Percentage Rate (APR)

A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.

APR after taxes

Annual percentage rate after taxes are taken into account. Unlike your after-tax interest rate, the APR after taxes takes closing costs into account.

Loan origination percent

The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200.

Discount points

Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of your loan amount. As long as the points paid are not a broker's commission, they are considered tax deductible in the year that they were paid.

Other fees

Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.

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