Monday, April 11, 2016

Roughly what portion of monthly interest on a mortgage can be written off on taxes?


For example, house costs $435K; monthly principal and interest totals $1600; monthly property tax is $1400, for a total monthly payment of $3000.
For about the first 3 or 4 years, the $1600 monthly house payment breaks down to $500 principal, and $1100 interest.

How much of the $1100 monthly interest can be written off on my taxes?

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