Home Mortgage Interest — Tax Deduction Guide 2026
Deduct interest paid on up to $750,000 of mortgage debt for your primary and second home.
Eligibility
Homeowners with qualifying mortgage debt
Tax Savings Calculator
Estimated Tax Savings
$1,100
At the 22% tax bracket, a $5,000 deduction saves you $1,100 in taxes.
Savings by Tax Bracket
Requirements
- 1Mortgage on primary or second home
- 2Debt limit $750K (post-2017)
- 3Must be acquisition debt
Common Mistakes to Avoid
- !Including HELOC interest for non-home improvements
- !Exceeding debt limit
Required Tax Forms
Calculate Your Full Tax Savings
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Frequently Asked Questions
What is the Home Mortgage Interest?
Deduct interest paid on up to $750,000 of mortgage debt for your primary and second home.
Who is eligible for the Home Mortgage Interest?
Homeowners with qualifying mortgage debt
How much can I save with the Home Mortgage Interest?
The average tax savings is $12,000 per year. The maximum deduction is $750,000. Your actual savings depend on your tax bracket and qualifying amount.
What forms do I need for the Home Mortgage Interest?
You'll need to file Form 1098 and Schedule A to claim this deduction.
What are common mistakes with the Home Mortgage Interest?
Common mistakes include: Including HELOC interest for non-home improvements; Exceeding debt limit. Always double-check requirements before filing.
Is the Home Mortgage Interest worth claiming?
With average savings of $12,000, the home mortgage interest is highly valuable. Make sure you meet all eligibility requirements.