Tax Savings Calculator
With this calculator, you are able to see the tax savings provided by home ownership.
- To access this calculator, click the Reports icon on the navigational menu bar.
- Then, click the Tax Savings link in the Financial Calculators section.
- Enter in the required information such as Loan Amount, Fixed Interest Rate and Number of Years and any other fields that you want.
- Loan Amount – The amount of financing provided by the lender.
- Fixed Interest Rate – The fixed interest rate is a non-variable percentage applied to the outstanding balance of the loan to determine interest payments. The interest is the fee paid to the lender by the borrower for the use of the borrowed money.
- Number of Years – The time frame granted by the lender for the repayment of the loan.
- Discount Points – Lenders often require Borrowers to pay a certain amount of points, which can reduce the mortgage rate. As points are considered a form of prepaid interest, they can be deducted from taxable income. One point is equal to one percent of the loan.
- State & Federal Tax Rate – This rate determines how much tax is paid to the State and Federal governments. Tax rates are determined by Adjusted Gross Income.
- Annual Property Taxes – A local yearly taxes paid on property owned.
- Adjusted Interest Rate – The interest rate after tax adjustments.
- Average Annual Tax Savings – Average savings on taxes after deductions on income tax returns.
- When finished, click Calculate.
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