<prompt> Human: I make 57k a year gross, and pay about 12k in taxes. The home Im looking to purchase is 220k using va loan, so no money down. It comes out to around 1300 a month including tax, insurance and interest, 150 - 200 is taxes. With that said, what do the experts of personal finance think I will save in taxes each year by owning a home? I know theres many variables but Im looking for a rough estimate.  <response>: If you itemize deductions you can deduct mortgage interest. A loan for 220k at 3.75 just a guess will have around 8k of interest in the first year, so thats your tax write off.However I would not let the tax tail wag the financial dog. The tax break is a relatively small consideration compared to the cost of owning a house, the risk of it declining in value especially since youre putting no money down, you need to be sure youre ready to live there for 5 years, etc. 