Rent or Buy

What are the tax implications of paying interest?

Interest paid may or may not be tax-deductible depending on the type of interest paid. Use this calculator to help determine what, if any, interest you pay this year may be deductible and to what extent it may save you on taxes.

Inputs

Home Mortgage Interest

First mortgage interest ($)

Second mortgage interest ($)

Home equity loan interest ($)

Investment Interest

Investment interest you PAID ($)

Interest and dividends you RECEIVED ($)

Short-term capital gains/losses (-) ($)

Business Debt Interest

Business debt interest ($)

Personal Debt Interest

Credit card interest ($)

Auto loan interest ($)

Other personal debt interest ($)

Federal Income Tax Information

Marginal tax bracket (0% to 75%)

Summary

Interest Type	Total Interest	Deductible Interest	Tax Savings
Home mortgage	0	0	0
Investment	0	0	0
Business	0	0	0
Personal	0	0	0
Totals	0	0	0