What will my tax savings be?

This calculator shows the mortgage interest tax savings on a home equity loan and home equity line of credit. Since no loan principal is repaid during the borrowing period, the line of credit generates more interest expense and, thus, larger tax savings. As a result, the effective borrowing cost for a home equity line of credit is lower than for a home equity loan. The home equity loan has regular amortization of loan principal, which is not tax-deductible.

In case the interest rate is variable, the calculator allows you to enter a forecast. Settlement charges (or closing costs) for the home equity loan or line of credit are also included in the analysis.

Credit card ratings: Editors from CardRatings.com rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another.

The ratings are the expert opinion of the editors from CardRatings.com, and not influenced by any remuneration their website may receive from card issuers.

myFICO is the consumer division of FICO. Since its introduction over 25 years ago, FICO® Scores have become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use FICO Scores to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
CONNECT WITH US Social Media Facebook Twitter Google+ Google+ Apple App Download Android App Download