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.

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