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All agents are NOT alike! Find out why I am a top real estate expert. Call me: 901-756-8900 or 901-230-2610.

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Moving your family to another town or state is a major event in your life! I have helped many families and individuals relocate!
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"Deirdre and I want to thank you for your great assistance in the purchase of our new home."
Mark McClellan
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TripleCalc
Compare three mortgages at one time. Download TripleCalc now. It's free.

Real Estate - Homes - NUMBER1EXPERTS Sell More!
Melissa Hayes are some of The Top Selling Real Estate Experts™
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School Reports
See the nation's top rated reports for Schools in Memphis, Arlington and Collierville >


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As soon as we list another home for sale, we'll email you. You'll know first.
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Mortgage Calculators
Welcome > Resources > Mortgage Calculators > Determine Tax Savings ...

The Best Mortgage Calculators On the Web! 

Please try my Java loan and mortgage calculators. They take a minute to load, but they are worth it! 

Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. 

The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. 

Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... 

Mortgage Tax Savings Calculator

Interest paid on a mortgage is tax deductible if you itemize on your on tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.

This Financial Calculator requires a Browser with Java Support


Definitions

Mortgage amount
Original or expected balance for your mortgage. Taxpayers can deduct the interest paid on first and second mortgages up to $1,000,000 in mortgage debt (the limit is $500,000 if married and filing separately). Any interest paid on first or second mortgages over this amount is not tax deductible. Home equity loans are limited to $100,000 or the amount of equity you have in your home. Our calculator limits your interest deduction to the interest payment that would be paid on a $1,000,000 mortgage.

Interest rate
Annual interest rate for this mortgage.

Interest rate after taxes
Annual effective interest rate after taxes are taken into account. Please note that in addition to the $1,000,000 mortgage debt limit, this calculator assumes that your itemized deductions will exceed the standard deduction for your income tax filing status. If your itemized deductions don't exceed your standard deduction, the benefit of deducting the interest on your home will be reduced or eliminated. For 2002 the standard deductions were $7,850 for married couples filing jointly, $3,925 for married couples filing separately, $4,700 for singles, and $6,900 for heads of household. You should also be aware that the total tax savings may be less for higher incomes that have their allowable itemized deductions phased out.

Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Monthly payment
Monthly principal and interest payment (PI).

Federal tax rate:
The marginal federal tax rate you expect to pay.

State tax rate:
The marginal state tax rate you expect to pay.

Annual Percentage Rate (APR)
A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example, a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate with very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.

APR after taxes
Annual percentage rate after taxes are taken into account. Unlike your after-tax interest rate, the APR after taxes takes closing costs into account.

Loan origination percent
The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200.

Discount points
Total number of "points" purchased to reduce your mortgage's interest rate. Each "point" costs 1% of your loan amount. As long as the points paid are not a broker's commission, they are considered tax deductible in the year that they were paid.

Other fees
Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.



School Reports in Memphis, Collierville and Germantown, Tennessee
"A model of how the Internet can facilitate the process of deciding where to send your children to school"
- America's Best School Profiles by
The Heritage Foundation

Tennessee Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.
  Schools in Memphis, Collierville and Germantown 



Real Estate Tips
Time to Move >Smart House Hunting

Serious house hunting can leave you worn out and confused at the end of the day. It is hard to remember which house had the great back yard and kitchen and which one you ruled out because of inadequate storage space. Some of the houses you visited looked familiar--like maybe you had seen them before. How can you conserve energy and keep it all straight?

The first step is to find a real estate agent who knows the area well and will only show you homes that meet your criteria. Next you should acquire a small note pad in order to keep a record of the homes you visit. Note the address, style and exterior color, as well as something distinctive about the house that will trigger your memory. Make a special note if a house has real possibilities. Jot down important pluses and minuses of each property and share this information with your real estate agent. This will help you to narrow down the houses so that you can focus on your favorites.

See All Tips In The "Time to Move" Category >
See Complete Library Of Hundreds Of Tips In 30+ Categories >

Real Estate Trivia
Q 
What is the world's most expensive Monopoly set?

A 
San Francisco jeweler Sidney Mobell created an exclusive $2 million Monopoly set, with solid 23 carat gold houses, chimneys made of rubies and sapphires and dice with 42 full cut diamonds for spots.
See More Real Estate Trivia >


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Melissa Hayes, REALTOR®, real estate agents and broker for Memphis, Collierville and Germantown Tennessee home listings, property and land for sale - NUMBER1EXPERT(tm)

Melissa Hayes
Crye-Leike Realtors

6525 Quail Hollow Road
Memphis, TN 38120
Tel: 901-756-8900
Direct: 901-230-2610
Fax: 901-435-0620
Email: melissa@melissahayes.com

Whether you are selling or buying a home, I am here to meet all of your real-estate needs. You can benefit from the experience I have gained while handling over 1,000 successful home closings. My ability to offer both dramatic results and happy clients is due to an unparallel level of service, state-of-the-art marketing techniques, impeccable professionalism, invaluable internet presence, and absolute commitment of excellence.


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