Doubtful Deduction

The median priced home is $220,000. Assuming 10% down and thus a $198,000 mortgage, at the current 30-year mortgage rate of 3.7%, that works out to a payment of $917/month. Add $180/month for property taxes and the total is $1,097/month – an annual total just $564 higher than the 2015 standard marital deduction of $12,600! Meaning the mortgage interest deduction is virtually worthless to a family buying a median priced home.