Either your question is poorly worded, or one of us is deeply confused about how interest works. You normally don't get ANYTHING back on mortgage interest.
No, you don't get all interest back in any mortgage in tax. The most you get is a deduction, that is a loering of your taxable income by that interest amount. (So if you are in the 20% tax bracket and have $100 of qualified mortgage interest, your tax is reduced by $20).
Mortgage interest rates were around 1.2% in 1968. This was considered to be relatively high back then. However, the interest rate these days is around 4%.
That depends on the cost of the property and the interest rate of the mortgage. There are websites with mortgage calculators.
An interest-only mortgage calculator can help you determine how much money you'll save by getting a shorter-term mortgage, refinancing your mortgage and/or making additional payments on your mortgage.
The typical interest rate on a new mortgage can range greatly and depends very much on whether it is a fixed or a tracker mortgage. A tracker mortgage follows the national interest rate while the typical fixed interest rate is roughly 3.14%.
There is no one way to determine how much interest will be added to a mortgage loan without knowing the specifics of the loan. The amount of interest could be as low as 2.7% or 5% or more. The bank, type of mortgage and credit history can all play a part in the interest rate.
It would all depend on what type of a mortgage you have , What the lending loan is, what the interest rate given you as well as the amortization period is . A fixed mortgage will show you how much you pay in interest over a certain amount of time at the interest rate given you. The calculator will show you how much interest you are paying with a graph from beginning to end.
With the 15 year term, because you will pay the loan off much quicker, you will not pay nearly as much interest. If you take a look at a mortgage calculator, and change the term back and forth from 15 years to 30 years, you will see the change in interest paid.
The current bank rate is one factor to how much interest you will pay on your mortgage. If the rate is very high, your interest will also higher, limiting how much you can take out in a mortgage and what house you can buy.
You can find a mortgage interest calculator at the following websites...https://www.familysecure.com/Mortgage_Loan_Calculator.aspx or www.lcplc.co.uk/calculators
Call your mortgage company and ask them for the 1098 Form, which should have been sent to your address back in January/February. The 1098 Form will have this information for you to claim the mortgage interest tax deduction with the IRS.
Fixed Rate Mortgage vs. Interest Only Mortgage A fixed rate mortgage has the same payment for the entire term of the loan. Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.