This calculator helps determine your tax savings on loans or credit lines with tax deductible interest payments. For a loan payment, select fixed term loan. For a line payment, you can choose 2%, 1.5% , 1.0% of the outstanding balance or interest only.
- Appraised value of your home
- This is current appraised value of your home. If it has been a few years since you purchased your home, it may be worth quite a bit more than your original purchase price.
- Mortgages you owe
- This is the total of all outstanding mortgages on your home. This should include your first mortgage, second mortgages and any other debt that is secured by your home.
- Loan to value ratio
- The loan to value ratio is the percent of your home's appraised value that your lender will allow. For example, a 80% loan to value ratio would allow you to have $80,000 in debt secured by a home appraised at $100,000. Remember - the total debt allowed includes all outstanding mortgages plus your new line of credit.
Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.