<prompt> Human: Our rent is 1400month and we made 190k last year. Ive read that the mortgage interest deduction is quite rewarding for higher income couples in California. We plan to stay in this area for a long time, but I love the lower rent but would like a little higher standard of living we currently rent 1100 sq foot house but having a big piece of land with a modest house would be awesome. What kind of tax savings can I expect back on a 360k mortgage if I put 10 down on a 400k house?It seems to me that if our mortgage is say, 2100 a month after principalinteresttaxinsurance, will the tax benefit lower that by 300 a month? Or more?We have no kids and no debt.Edit: thanks for the helpful replies. I am trying to find a good tax professional to help me, but wanted to get a few quick answers here first. One alternative is to buy a 200k house on a 15year mortgage with 20 down, and that math does make sense when compared to renting in my current neighborhood.  <response>: Keep in mind most rents are priced in against mortgages in that home value depreciation looms everywhere and has been the trend over the last decade. Banks are slowly releasing inventory which makes demand appear higher than it actually is thus keeping values up a bit, but the only positive aspect are interest rates and potential tax writeoffs but higher incurred fees and other utilities, property tax, insurance. I personally advise against buying a home right now, but you guys seem responsible with an income to back it up. It really comes down to how comfortable you are in your current place versus how much you want or need a new bigger place. Ask yourself this, if values were to drop another 20-30 in a year, would you wait to buy? 