Itemize Only When the Total Beats the Standard Deduction

The mortgage interest deduction is an itemized deduction: you can claim it only if the sum of everything you itemize exceeds the standard deduction for your filing status. Since the standard deduction was raised to $15,000 for single filers and $30,000 for married couples filing jointly, many homeowners no longer benefit — the interest on a smaller mortgage, once added to capped property and state taxes, simply does not clear the bar. This calculator works through the year-1 amortization of your mortgage to find the interest actually paid in the next 12 months, adds your other itemized deductions, applies the $10,000 SALT cap and the $750,000 acquisition-debt limit, and tells you which side of the standard deduction you land on — and what your choice is worth in tax savings.