Mortgage Insurance Premiums — Tax Deduction Guide 2026
Deduct private mortgage insurance premiums if your AGI is below the income threshold.
Eligibility
Homeowners paying PMI with income under $109K
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
- 1Private mortgage insurance
- 2Income phase-out applies
- 3Renewed annually by Congress
Common Mistakes to Avoid
- !Exceeding income limits
- !Not checking annual renewal
Required Tax Forms
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Frequently Asked Questions
What is the Mortgage Insurance Premiums?
Deduct private mortgage insurance premiums if your AGI is below the income threshold.
Who is eligible for the Mortgage Insurance Premiums?
Homeowners paying PMI with income under $109K
How much can I save with the Mortgage Insurance Premiums?
The average tax savings is $1,800 per year. Your actual savings depend on your tax bracket and qualifying amount.
What forms do I need for the Mortgage Insurance Premiums?
You'll need to file Form 1098 and Schedule A to claim this deduction.
What are common mistakes with the Mortgage Insurance Premiums?
Common mistakes include: Exceeding income limits; Not checking annual renewal. Always double-check requirements before filing.
Is the Mortgage Insurance Premiums worth claiming?
With average savings of $1,800, the mortgage insurance premiums is worthwhile for most eligible taxpayers. Make sure you meet all eligibility requirements.