{"id":10887,"date":"2025-09-30T19:34:40","date_gmt":"2025-09-30T19:34:40","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=10887"},"modified":"2025-09-30T19:34:40","modified_gmt":"2025-09-30T19:34:40","slug":"mortgage-interest-deduction-definition-limit-and-example","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/mortgage\/mortgage-interest-deduction-definition-limit-and-example\/","title":{"rendered":"Mortgage Interest Deduction: Definition, Limit, &#038; Example"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">What Is the Mortgage Interest Deduction?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The mortgage interest deduction is a tax-saving deduction that applies to homeowners who make mortgage payments and itemize their tax deductions. With this deduction, homeowners can deduct the total amount of interest they pay on their mortgage from their taxable income.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As it pertains to the mortgage interest deduction, mortgage interest includes any interest on loans used to buy, build, or improve a primary or secondary home.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How the Mortgage Interest Deduction Works<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In order to take the mortgage interest deduction, you\u2019ll need to itemize your deductions. The IRS\u2019s standard deduction for the 2025 tax year is $15,750 for single filers and $31,500 for married filing jointly. If your eligible deductions exceed that amount, itemize your deductions instead. Using IRS Schedule A, list all eligible tax deductions, including the cost of your mortgage interest.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The home mortgage interest deduction can apply to a few different property types, including:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Primary residences\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Second homes\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rental properties that you use as a residence for at least 14 days each year, or 10% of the total rented days, whichever is longer.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Remember that the mortgage interest tax deduction only includes the interest paid on your loan, not the loan principal amount or your <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/what-is-property-tax\/\"><span style=\"font-weight: 400;\">property tax<\/span><\/a><span style=\"font-weight: 400;\">, which is deductible under the <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/is-property-tax-deductible\/\"><span style=\"font-weight: 400;\">property tax deduction<\/span><\/a><span style=\"font-weight: 400;\">. Refer to IRS Form 1098, provided by your mortgage lender, to find the amount of interest you paid.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Mortgage Interest Deduction Limit<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A $750,000 mortgage interest deduction limit has applied since 2017, and that limit has been permanently extended as of the 2025 tax year. This means that homeowners can deduct the interest on up to $750,000 of mortgage debt for mortgages issued after December 15, 2017.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgages issued prior to that date are grandfathered into the prior mortgage interest deduction limit of interest on up to $1 million of your mortgage debt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re married filing separately, the mortgage interest deduction limit drops to interest accrued on up to $375,000 of mortgage debt.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What Types of Loans Qualify?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A wide range of loan types qualify for the mortgage interest tax deduction, including:\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/\"><b>Traditional mortgages<\/b><\/a><b>: <\/b><span style=\"font-weight: 400;\">Traditional home mortgages with fixed and adjustable <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/current-mortgage-rates\/\"><span style=\"font-weight: 400;\">mortgage rates<\/span><\/a><span style=\"font-weight: 400;\"> (ARM) qualify.<\/span><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/home-equity-loans\/\"><b>Home equity loans<\/b><\/a><b> and <\/b><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/heloc\/\"><b>HELOCs<\/b><\/a><b>: <\/b><span style=\"font-weight: 400;\">For tax years 2018 through 2025, HELOAN or HELOC interest could only be deducted as long as these loans were used to buy, build, or improve your home. However, for tax years before 2018 and after 2025, interest you paid on borrowed funds <\/span><a href=\"https:\/\/www.irs.gov\/faqs\/itemized-deductions-standard-deduction\/real-estate-taxes-mortgage-interest-points-other-property-expenses\/real-estate-taxes-mortgage-interest-points-other-property-expenses-2\"><span style=\"font-weight: 400;\">may be deductible up to a certain dollar limit<\/span><\/a><span style=\"font-weight: 400;\"> regardless of how the funds are spent.<\/span><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/construction-loans\/\"><b>Construction loans<\/b><\/a><b>: <\/b><span style=\"font-weight: 400;\">Deduct the mortgage interest of your short-term loan from your taxable income.<\/span><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/mortgage-solutions\/mortgage-refinance\/\"><b>Refinanced mortgages<\/b><\/a><b>: <\/b><span style=\"font-weight: 400;\">In the case of refinanced mortgages, the interest deduction limit is based on the date of your original mortgage.<\/span><\/li>\n<li aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/\"><b>Non-QM<\/b><\/a><span style=\"font-weight: 400;\">: Non-QM home loans also qualify for MID.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The following loan types do not qualify for the mortgage interest tax deduction:\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Personal loans: <\/b><span style=\"font-weight: 400;\">Whether from a bank, credit union, or online lender\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Cash-out refinances: <\/b><span style=\"font-weight: 400;\">Unless the funds are used to buy, build, or substantially improve your home, you cannot deduct any interest paid on a cash-out refinance from your taxable income.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Who Qualifies for the Mortgage Interest Deduction?<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10889\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image4-1.png\" alt=\"In order to qualify for the mortgage interest deduction, you must.\" width=\"1999\" height=\"887\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image4-1.png 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image4-1-300x133.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image4-1-1024x454.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image4-1-768x341.png 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image4-1-1536x682.png 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">In order to qualify for the mortgage interest deduction, you must:\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Itemize deductions: <\/b><span style=\"font-weight: 400;\">All tax deductions must be listed on <\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-schedule-a-form-1040\"><span style=\"font-weight: 400;\">Schedule A<\/span><\/a><span style=\"font-weight: 400;\"> in order to qualify for this tax saving. Anyone who takes the standard deduction is ineligible for a mortgage interest deduction.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Own a qualified property: <\/b><span style=\"font-weight: 400;\">You must have an ownership interest in the mortgaged property and you must use it as a residence.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Have secured debt: <\/b><span style=\"font-weight: 400;\">Your home must be used to secure your loan.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Mortgage Interest Deduction Examples<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Let\u2019s look at a few examples of the mortgage interest deduction in action.\u00a0\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Example 1<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In 2010, you took out a $1 million loan to purchase your home. In 2025, you paid $30,000 in interest on that loan. Because this loan is grandfathered into the earlier mortgage deduction limit, you can deduct the full $30,000 from your 2025 taxable income.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Example 2<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In 2020, you took out a $1 million loan to purchase your home. In 2025, you paid $30,000 in interest on that loan. Because this loan was taken out after December 15, 2017, the mortgage deduction limit is $750,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That means you can only deduct the portion of the $30,000 interest that corresponds to the first $750,000 of your loan. Thus, you would not be able to deduct the full $30,000.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Recent Legislation Affects the Mortgage Interest Deduction<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Recent <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/how-could-tax-policy-changes-affect-the-housing-market\/\"><span style=\"font-weight: 400;\">tax policy changes in 2025<\/span><\/a><span style=\"font-weight: 400;\"> have implications on the mortgage interest deduction. Prior to the passing of the <\/span><a href=\"https:\/\/www.congress.gov\/bill\/119th-congress\/house-bill\/1\/text\"><span style=\"font-weight: 400;\">One Big Beautiful Bill<\/span><\/a><span style=\"font-weight: 400;\">, the $750,000 mortgage deduction limit was set to expire at the end of 2025, at which point it would revert back to $1 million. Since the passing of the bill, the limit is now permanent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the One Big Beautiful Bill modified eligible mortgage interest, starting in the 2026 tax year. This includes:\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\"><b>Private mortgage insurance now qualifies: <\/b><span style=\"font-weight: 400;\">Borrowers with down payments of less than 20% often need to take out this type of insurance on their loan. Premiums for PMI will now be considered deductible as mortgage interest.\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>Interest on mixed-use properties is partially deductible: <\/b><span style=\"font-weight: 400;\">If you own a property used for both personal and rental purposes, the OBBB puts in place clear guidelines for how to prorate the deductible interest based on personal versus rental use.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Maximize Your Tax Benefits as a Homeowner<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10890\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image1-1.jpg\" alt=\"A smiling couple on the couch in their home looking at a tablet. \" width=\"1999\" height=\"1125\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image1-1.jpg 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image1-1-300x169.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image1-1-1024x576.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image1-1-768x432.jpg 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/09\/image1-1-1536x864.jpg 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">As a homeowner, you become eligible for a range of different tax benefits that help you save money on your taxes. The mortgage interest tax deduction is just one of many deductions that can help you get the most out of your tax benefits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not yet a homeowner? <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/tax-benefits-of-real-estate-investing\/\"><span style=\"font-weight: 400;\">Tax benefits<\/span><\/a><span style=\"font-weight: 400;\"> are one of the many great reasons to become one. Download the <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/what-is-property-tax\/\"><span style=\"font-weight: 400;\">Griffin Gold app<\/span><\/a><span style=\"font-weight: 400;\"> today to start making more informed financial decisions that help you on your way to home ownership.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re looking to buy, refinance, or simply explore your mortgage options, reach out to Griffin Funding today. Contact us to speak with a member of our lending team or get started online.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Is the Mortgage Interest Deduction? The mortgage interest deduction is a tax-saving deduction that applies to homeowners who make mortgage payments and itemize their tax deductions. With this deduction, homeowners can deduct the total amount of interest they pay on their mortgage from their taxable income.\u00a0 As it pertains to the mortgage interest deduction,<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/mortgage-interest-deduction-definition-limit-and-example\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":10888,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Interest Deduction: Definition, Limit, &amp; Example | Griffin Funding<\/title>\n<meta name=\"description\" content=\"Learn how the mortgage interest deduction works, who qualifies, the current limit, and how it can help reduce your taxable income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/mortgage-interest-deduction-definition-limit-and-example\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Interest Deduction: Definition, Limit, &#038; 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