Instructions: This calculator estimates the tax benefit of buying a home. Please enter your loan parameters as well as the month in which the loan closed (e.g. the home was purchased). Interest payments and mortgage points are captured in itemized deductions of your tax return, hence please estimate your Schedule-A itemized deductions. In this calculator, your itemized deductions (including your mortgage deductions) are compared to your standard deduction to calculate the tax benefit of purchasing the home.