Wednesday, May 25, 2016

How to calculate a mortgage interest tax break?


For example, I read an article by Suze Orman saying with a $100,000 home/$1,079 monthly mortgage, the total interest payments in the first year will be about $10,740, and the tax savings (20 percent of $10,740) is $2,148. I just don't know how she got the number $10,740. Can anyone help?
Added (1). Sorry, I meant a $200,000 home

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