<prompt> Human: I understand that by purchasing a home, you get to take a writeoff on the interest portion of your mortgage. How can I calculate that to determine how much larger my paychecks will become?  <response>: Thats not how it works. The write off you are referring to is for the tax paid on your home loan. Lets say that you make 10k in mortgage payments throughout the year and 6k of that is for interest. You would be eligible for a tax break on the 6k. This does NOT mean that your tax liability goes down by 6k or that you get a 6k return. The actual amount varies with your tax bracket and other factors. 