Mortgage Calculators

Mortgage Tax Savings Calculator

If you itemize, mortgage interest is deductible. Estimate the first-year tax savings and your effective after-tax interest rate.

Inputs

Loan amount

Interest rate

Loan term (years)

Marginal tax rate

Estimates only. Change any value to recalculate instantly.

First-year tax savings $4,656 your effective rate drops to 4.94%

First-year interest $19,401

Tax savings $4,656

After-tax interest rate 4.94%

Monthly tax benefit $388.03

Interest cost after the deduction

After-tax interest $15k
Tax savings $4.7k

Tax savings Tax savings

The deduction only helps if your itemized deductions exceed the standard deduction — since 2018’s larger standard deduction, many homeowners no longer itemize. When it does apply, a 6.50% mortgage effectively costs 4.94% after tax.

Mortgage-interest deduction by yearView table

Year	Interest paid	Tax savings	After-tax interest
1	$19,401	$4,656	$14,745
2	$19,177	$4,602	$14,574
3	$18,937	$4,545	$14,392
4	$18,681	$4,484	$14,198
5	$18,409	$4,418	$13,991
6	$18,118	$4,348	$13,769
7	$17,807	$4,274	$13,533
8	$17,476	$4,194	$13,282
9	$17,122	$4,109	$13,013
10	$16,745	$4,019	$12,726
11	$16,343	$3,922	$12,420
12	$15,913	$3,819	$12,094
13	$15,455	$3,709	$11,746
14	$14,966	$3,592	$11,374
15	$14,445	$3,467	$10,978
16	$13,888	$3,333	$10,555
17	$13,294	$3,191	$10,104
18	$12,661	$3,039	$9,622
19	$11,985	$2,876	$9,108
20	$11,263	$2,703	$8,560
21	$10,494	$2,518	$7,975
22	$9,673	$2,321	$7,351
23	$8,797	$2,111	$6,685
24	$7,862	$1,887	$5,975
25	$6,864	$1,647	$5,217
26	$5,800	$1,392	$4,408
27	$4,665	$1,120	$3,545
28	$3,453	$829	$2,624
29	$2,161	$519	$1,642
30	$781	$188	$594

How this calculator works

This calculator runs entirely in your browser — nothing you enter is sent anywhere, and there is no sign-up. Change any input and the result, breakdown, and schedule update instantly.

Rate and cost fields are pre-filled with current benchmarks (Federal Reserve / Freddie Mac via FRED (St. Louis Fed)), so your first result is already realistic — replace them with your own quote to see your numbers. To weigh one option against another, use the loan comparison calculator.

30-year fixed mortgage rate, 2019–2026

Source: Freddie Mac PMMS via FRED. Annual averages; latest weekly reading shown.

Common questions

Is this calculator free, and do I need to sign up?

Yes and no — it is completely free and asks for no account or personal details. Every calculation happens in your browser, so nothing you type is stored or sent to us.

How accurate are the results?

The math is exact for the inputs you give it, but the defaults are national benchmarks — your real rate, fees, taxes, and insurance will differ. Treat the result as a close estimate to refine with a real quote.