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Brian Young, REALTORŪ, real estate agent and broker for Scottsdale, Paradise Valley and Phoenix Arizona home listings, property and land for sale - NUMBER1EXPERT(tm)
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Mortgage Calculators: Scottsdale, Paradise Valley and Phoenix Arizona home buying, real estate listings, and homes for sale in Maricopa                       County, AZ
Welcome > Resources > Mortgage Calculators > Determine Tax Savings ...


 

The Best Scottsdale Home Mortgage Calculators On the Web!
 

Please try my Scottsdale Java Home Loan and Scottsdale Home Mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Each financial calculator also includes a View Report option. The mortgage repayment schedule and other reports are fully customizable. These reports are designed for you to print out and keep...
 




Dominion Financial, LLC is a mortgage lending institution that prides itself in providing high quality financial services to the public.

It is our mission to provide high quality mortgage programs at the most competitive rates in the nation. Our home loan programs include: purchase, refinance, debt consolidation, home equity loans, second mortgages, construction loans, and home improvement loans tailored to your unique situation.

Our staff of mortgage service professionals makes themselves accessible to clients around the clock, and strives to obtain the best mortgage loan package no matter what the situation.

Fill out our Online Application to find a loan program that fits your particular need. We will help determine which one is best for you.


Office: 480.584.5888 Fax: 480.951.2992
7373 East Doubletree Ranch Road Scottsdale AZ 85258 Email: loans@dominionfinancialllc.com
Dominion Financial, LLC
MB0908962



Mortgage Tax Savings Calculator

Interest paid on a mortgage is tax deductible if you itemize on your on tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.

This Financial Calculator requires a Browser with Java Support


Definitions

Mortgage amount
Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible. Home equity loans are limited to $100,000 or the amount of equity you have in your home. Our calculator limits your interest deduction to the interest payment that would be paid on a $1,000,000 mortgage.

Interest rate
Annual interest rate for this mortgage.

Interest rate after taxes
Annual effective interest rate after taxes are taken into account. Please note that in addition to the $1,000,000 mortgage debt limit, this calculator assumes that your itemized deductions will exceed the standard deduction for your income tax filing status. If your itemized deductions don't exceed your standard deduction, the benefit of deducting the interest on your home will be reduced or eliminated. For 2002 the standard deductions were $7,850 for married couples filing jointly, $3,925 for married couples filing separately, $4,700 for singles, and $6,900 for heads of household. You should also be aware that the total tax savings may be less for higher incomes that have their allowable itemized deductions phased out.

Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Monthly payment
Monthly principal and interest payment (PI).

Federal tax rate:
The marginal federal tax rate you expect to pay.

State tax rate:
The marginal state tax rate you expect to pay.

Annual Percentage Rate (APR)
A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.

APR after taxes
Annual percentage rate after taxes are taken into account. Unlike your after-tax interest rate, the APR after taxes takes closing costs into account.

Loan origination percent
The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200.

Discount points
Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of your loan amount. As long as the points paid are not a broker's commission, they are considered tax deductible in the year that they were paid.

Other fees
Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.




Brian Young, REALTORŪ, real estate agent and broker for Scottsdale, Paradise Valley and Phoenix Arizona home listings, property and land for sale - NUMBER1EXPERT(tm)

BRIAN YOUNG - Branch Owner / Manager
DOMINION REAL ESTATE PARTNERS, LLC

7579 E. Main Street Suite 700
SCOTTSDALE
Arizona 85251
Office: (480) 990 - SOLD (7653)
Direct Line: (602) 405-3949
Toll Free: (800) 520-6692
Fax: (480) 588-1322
Brian@ScottsdaleHomeGuide.com

Welcome, and thank you for visiting my web site. Whether you are looking to BUY or SELL real estate in Phoenix, Scottsdale, Carefree, Cave Creek, Paradise Valley, Fountain Hills or the greater East Valley, please contact me for the most up to date information and advice regarding HOMES, BUILDING LOTS, NEW CONSTRUCTION, GOLF COURSE PROPERTIES, LUXURY HOMES, GATED COMMUNITIES, HORSE PROPERTIES and RELOCATION. I am fully commited to providing superior real estate services to my clients.

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