Depending on the type of loan or line of credit you have, your interest payments could be tax-deductible. This calculator estimates your tax savings based on the specific factors of your loan or line of credit. Of course, we encourage you to discuss matters with your tax advisor to know exactly how interest payments will affect your tax return.
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Loan & Credit Line Tax Savings

This calculator helps determine your tax savings on loans or credit lines with tax-deductible interest payments. For a loan payment, select fixed term loan. For a line payment, you can choose 2%, 1.5% or 1% of the outstanding balance or interest only.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.