Things You'll Need:
-
Step 1
Calculate your monthly mortgage payment and property taxes (see Related eHows).
-
Step 2
Multiply by 12 (if you are paying monthly) or 26 (if you are paying biweekly) to arrive at your annualized payment.
-
Step 3
Multiply this annual amount by your federal income tax rate to arrive at a very reliable estimate of your tax savings.









Comments
lommers said
on 4/28/2008 if income is <100k/yr you can deduct PMI (primary mortgage insurance)