You will save a substantial amount if you claim the mortgage interest deduction on your taxes. The higher your tax bracket, the more attractive the deduction. For example, a homeowner taxed at a 38 percent rate would save an average of about $2,500 annually over 30 years with a $100,000 mortgage at 7 percent. The biggest savings come in the early years and decrease as the loan’s balance declines. For more information, contact us here at WORLDLawDirect.
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