Tax Savings Calculator
Many of the buyers are unaware that the interest on mortgage is tax deductible. Tax Savings Calculator is one such mortgage calculator which helps the buyer to understand the tax implications on the mortgage and savings on income taxes. The inputs required for this calculator are Loan amount, Annual interest rate (0-30) %, Number of months: (30yrs=360) (1-360), and Marginal tax bracket: (0-50) %. The results are displayed as either monthly or yearly. However to make things more simple it is better to consult your tax advisor about the tax implications. With an understanding of potential tax savings you can plan better when you buy your house on mortgage.
