Loan Tax CalculatorMortgage Interest Deduction Calculator
Estimate your annual mortgage interest deduction. Determine if itemizing deductions is beneficial compared to the standard deduction.
Deductible interest (first year)
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- Annual interest paid
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- 2025 standard deduction
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- Interest alone
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Applies the $750,000 debt cap ($375,000 if married filing separately) for loans taken after December 15, 2017. First-year interest approximation; itemizing only helps if all your deductions together beat the standard deduction.
Results are planning estimates based on the formula shown below. They are not a quote, a loan approval, or tax advice.
Worked example
- Mortgage Balance
- $500,000 at 6%
- Annual Interest
- $30,000
- Filing Status
- Married Filing Jointly
- Deductible Interest
- $30,000 (full amount qualifies)
- Standard Deduction 2024
- $29,200
How it works
For mortgages on homes purchased after Dec 15, 2017: Maximum deductible = interest on first $750,000 of debt ($375,000 if married filing separately). Calculate: (Total Interest Paid) × (Qualified Loan Amount / Total Loan Amount). Requires itemizing deductions on Schedule A (Form 1040).