Is the Mortgage Interest Deduction Worth It?

Ever wondered how much actual tax benefit you receive by owning a home?  The ability to deduct the interest paid on a mortgage can translate into significant savings at tax time.   For example, a family who purchased a home with a $200,000, 30-year, fixed-rate mortgage could save nearly $3500 in federal taxes when they file their tax returns.  That is the equivalent of $300 a month back.   

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