- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.
- Marginal tax rate
- This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest. You can use the table below to assist you in estimating your Federal tax rate for 2012.
10% |
$0 - 17,400 |
$0 - 8,700 |
$0 - $12,400 |
$0 - 8,700 |
15% |
$17,400 - 70,700 |
$8,700 - 35,350 |
$12,400 - 47,350 |
$8,700 - 35,350 |
25% |
$70,700 - 142,700 |
$35,350 - 85,650 |
$47,350 - 122,300 |
$35,350 - 71,350 |
28% |
$142,700 - 217,450 |
$85,650 - 178,650 |
$122,300 - 198,050 |
$71,350 - 108,725 |
33% |
$217,450 - 388,350 |
$178,650 - 388,350 |
$198,050 - 388,350 |
$108,725 - 194,175 |
35% |
over $388,350 |
over $388,350 |
over $388,350 |
over $194,175 |
Source: Revenue Procedure 2011-52 http://www.irs.gov
- Monthly payment
- Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.
- Total payments
- Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
- Total interest
- Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
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