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Loan & Credit Line Tax Savings

This calculator helps determine your tax savings on loans or credit lines with tax-deductible interest payments.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.



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Loan & Credit Line Tax Savings
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**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Definitions

Loan amount

Total dollar amount of your loan or line of credit.

Interest rate (APR)

The annual percentage rate for this loan or line of credit.

Monthly payment

This is the monthly payment for this loan or line of credit. For lines of credit the payment can change month to month based on the current outstanding balance. This is the case with a line payment calculated on the amount of interest owed or as a percentage of the principal balance.

Term in months

Number of months for this loan or line of credit.

Federal tax rate

The marginal federal tax rate you expect to pay.

State tax rate

The marginal state tax rate you expect to pay.

Tax savings

Tax savings assumes that you qualify for a home interest deduction and that you itemize your taxes on schedule A of your Federal tax return. Total tax savings may be less for higher incomes which have their allowable itemized deductions phased out. Your total tax savings may also be reduced if you prepay your loan.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.