The Best Mortgage Calculators On the Web! 

Determine Tax Savings

Interest paid on a mortgage is tax deductible if you itemize on your on 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.

Definitions

• Mortgage amount
  Original or expected balance for your mortgage.

• Interest rate
  Annual interest rate for this mortgage.

• Interest rate after taxes
  Annual effective interest rate after taxes are taken into account.

• 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.

• New Jersey 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 you loan amount.

• 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.

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.