Total Monthly Payment
2 142
Total Interest
306 107
Plan your mortgage with down payments, property taxes, and insurance.
Total Monthly Payment
2 142
Mortgage Payment
1 517
Tax & Insurance
425
HOA / Maintenance (monthly)
200
Total Interest
306 107
Total Payment
831 107
Amortization Schedule
Month / Payment / Interest / Balance
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 2 142 | 1 300 | 217 | 239 783 |
| 2 | 2 142 | 1 299 | 218 | 239 565 |
| 3 | 2 142 | 1 298 | 219 | 239 346 |
| 4 | 2 142 | 1 296 | 221 | 239 125 |
| 5 | 2 142 | 1 295 | 222 | 238 903 |
| 6 | 2 142 | 1 294 | 223 | 238 680 |
| 7 | 2 142 | 1 293 | 224 | 238 456 |
| 8 | 2 142 | 1 292 | 225 | 238 231 |
| 9 | 2 142 | 1 290 | 227 | 238 004 |
| 10 | 2 142 | 1 289 | 228 | 237 777 |
| 11 | 2 142 | 1 288 | 229 | 237 548 |
| 12 | 2 142 | 1 287 | 230 | 237 317 |
| 13 | 2 141 | 1 285 | 231 | 237 086 |
| 14 | 2 142 | 1 284 | 233 | 236 853 |
| 15 | 2 142 | 1 283 | 234 | 236 619 |
| 16 | 2 142 | 1 282 | 235 | 236 384 |
| 17 | 2 142 | 1 280 | 237 | 236 147 |
| 18 | 2 142 | 1 279 | 238 | 235 910 |
| 19 | 2 142 | 1 278 | 239 | 235 670 |
| 20 | 2 142 | 1 277 | 240 | 235 430 |
| 21 | 2 142 | 1 275 | 242 | 235 188 |
| 22 | 2 142 | 1 274 | 243 | 234 945 |
| 23 | 2 142 | 1 273 | 244 | 234 701 |
| 24 | 2 142 | 1 271 | 246 | 234 455 |
| 25 | 2 142 | 1 270 | 247 | 234 208 |
| 26 | 2 142 | 1 269 | 248 | 233 960 |
| 27 | 2 142 | 1 267 | 250 | 233 710 |
| 28 | 2 142 | 1 266 | 251 | 233 459 |
| 29 | 2 142 | 1 265 | 252 | 233 207 |
| 30 | 2 142 | 1 263 | 254 | 232 953 |
| 31 | 2 142 | 1 262 | 255 | 232 698 |
| 32 | 2 142 | 1 260 | 257 | 232 441 |
| 33 | 2 142 | 1 259 | 258 | 232 184 |
| 34 | 2 142 | 1 258 | 259 | 231 924 |
| 35 | 2 142 | 1 256 | 261 | 231 663 |
| 36 | 2 142 | 1 255 | 262 | 231 401 |
| 37 | 2 142 | 1 253 | 264 | 231 138 |
| 38 | 2 142 | 1 252 | 265 | 230 873 |
| 39 | 2 142 | 1 251 | 266 | 230 606 |
| 40 | 2 142 | 1 249 | 268 | 230 339 |
| 41 | 2 142 | 1 248 | 269 | 230 069 |
| 42 | 2 142 | 1 246 | 271 | 229 799 |
| 43 | 2 142 | 1 245 | 272 | 229 526 |
| 44 | 2 142 | 1 243 | 274 | 229 253 |
| 45 | 2 142 | 1 242 | 275 | 228 977 |
| 46 | 2 142 | 1 240 | 277 | 228 701 |
| 47 | 2 142 | 1 239 | 278 | 228 423 |
| 48 | 2 142 | 1 237 | 280 | 228 143 |
| 49 | 2 142 | 1 236 | 281 | 227 862 |
| 50 | 2 142 | 1 234 | 283 | 227 579 |
| 51 | 2 142 | 1 233 | 284 | 227 295 |
| 52 | 2 142 | 1 231 | 286 | 227 009 |
| 53 | 2 142 | 1 230 | 287 | 226 722 |
| 54 | 2 142 | 1 228 | 289 | 226 433 |
| 55 | 2 142 | 1 227 | 290 | 226 142 |
| 56 | 2 142 | 1 225 | 292 | 225 850 |
| 57 | 2 142 | 1 223 | 294 | 225 557 |
| 58 | 2 142 | 1 222 | 295 | 225 262 |
| 59 | 2 142 | 1 220 | 297 | 224 965 |
| 60 | 2 142 | 1 219 | 298 | 224 666 |
| 61 | 2 142 | 1 217 | 300 | 224 366 |
| 62 | 2 142 | 1 215 | 302 | 224 065 |
| 63 | 2 142 | 1 214 | 303 | 223 761 |
| 64 | 2 142 | 1 212 | 305 | 223 456 |
| 65 | 2 142 | 1 210 | 307 | 223 150 |
| 66 | 2 142 | 1 209 | 308 | 222 842 |
| 67 | 2 142 | 1 207 | 310 | 222 532 |
| 68 | 2 142 | 1 205 | 312 | 222 220 |
| 69 | 2 142 | 1 204 | 313 | 221 907 |
| 70 | 2 142 | 1 202 | 315 | 221 592 |
| 71 | 2 142 | 1 200 | 317 | 221 275 |
| 72 | 2 142 | 1 199 | 318 | 220 957 |
| 73 | 2 142 | 1 197 | 320 | 220 637 |
| 74 | 2 142 | 1 195 | 322 | 220 315 |
| 75 | 2 142 | 1 193 | 324 | 219 991 |
| 76 | 2 142 | 1 192 | 325 | 219 666 |
| 77 | 2 142 | 1 190 | 327 | 219 339 |
| 78 | 2 142 | 1 188 | 329 | 219 010 |
| 79 | 2 142 | 1 186 | 331 | 218 679 |
| 80 | 2 142 | 1 185 | 332 | 218 347 |
| 81 | 2 142 | 1 183 | 334 | 218 013 |
| 82 | 2 142 | 1 181 | 336 | 217 677 |
| 83 | 2 142 | 1 179 | 338 | 217 339 |
| 84 | 2 142 | 1 177 | 340 | 216 999 |
| 85 | 2 142 | 1 175 | 342 | 216 657 |
| 86 | 2 142 | 1 174 | 343 | 216 314 |
| 87 | 2 142 | 1 172 | 345 | 215 969 |
| 88 | 2 142 | 1 170 | 347 | 215 622 |
| 89 | 2 142 | 1 168 | 349 | 215 273 |
| 90 | 2 142 | 1 166 | 351 | 214 922 |
| 91 | 2 142 | 1 164 | 353 | 214 569 |
| 92 | 2 142 | 1 162 | 355 | 214 214 |
| 93 | 2 142 | 1 160 | 357 | 213 858 |
| 94 | 2 142 | 1 158 | 359 | 213 499 |
| 95 | 2 142 | 1 156 | 361 | 213 138 |
| 96 | 2 142 | 1 155 | 362 | 212 776 |
| 97 | 2 142 | 1 153 | 364 | 212 412 |
| 98 | 2 142 | 1 151 | 366 | 212 045 |
| 99 | 2 142 | 1 149 | 368 | 211 677 |
| 100 | 2 142 | 1 147 | 370 | 211 306 |
| 101 | 2 142 | 1 145 | 372 | 210 934 |
| 102 | 2 142 | 1 143 | 374 | 210 560 |
| 103 | 2 142 | 1 141 | 376 | 210 183 |
| 104 | 2 141 | 1 138 | 378 | 209 805 |
| 105 | 2 142 | 1 136 | 381 | 209 424 |
| 106 | 2 142 | 1 134 | 383 | 209 042 |
| 107 | 2 142 | 1 132 | 385 | 208 657 |
| 108 | 2 142 | 1 130 | 387 | 208 270 |
| 109 | 2 142 | 1 128 | 389 | 207 881 |
| 110 | 2 142 | 1 126 | 391 | 207 490 |
| 111 | 2 142 | 1 124 | 393 | 207 097 |
| 112 | 2 142 | 1 122 | 395 | 206 702 |
| 113 | 2 142 | 1 120 | 397 | 206 305 |
| 114 | 2 141 | 1 117 | 399 | 205 905 |
| 115 | 2 142 | 1 115 | 402 | 205 504 |
| 116 | 2 142 | 1 113 | 404 | 205 100 |
| 117 | 2 142 | 1 111 | 406 | 204 694 |
| 118 | 2 142 | 1 109 | 408 | 204 286 |
| 119 | 2 142 | 1 107 | 410 | 203 875 |
| 120 | 2 142 | 1 104 | 413 | 203 463 |
| 121 | 2 142 | 1 102 | 415 | 203 048 |
| 122 | 2 142 | 1 100 | 417 | 202 631 |
| 123 | 2 142 | 1 098 | 419 | 202 211 |
| 124 | 2 142 | 1 095 | 422 | 201 790 |
| 125 | 2 142 | 1 093 | 424 | 201 366 |
| 126 | 2 142 | 1 091 | 426 | 200 940 |
| 127 | 2 142 | 1 088 | 429 | 200 511 |
| 128 | 2 142 | 1 086 | 431 | 200 080 |
| 129 | 2 142 | 1 084 | 433 | 199 647 |
| 130 | 2 142 | 1 081 | 436 | 199 211 |
| 131 | 2 142 | 1 079 | 438 | 198 773 |
| 132 | 2 142 | 1 077 | 440 | 198 333 |
| 133 | 2 142 | 1 074 | 443 | 197 891 |
| 134 | 2 142 | 1 072 | 445 | 197 445 |
| 135 | 2 141 | 1 069 | 447 | 196 998 |
| 136 | 2 142 | 1 067 | 450 | 196 548 |
| 137 | 2 142 | 1 065 | 452 | 196 096 |
| 138 | 2 142 | 1 062 | 455 | 195 641 |
| 139 | 2 142 | 1 060 | 457 | 195 184 |
| 140 | 2 142 | 1 057 | 460 | 194 724 |
| 141 | 2 142 | 1 055 | 462 | 194 262 |
| 142 | 2 142 | 1 052 | 465 | 193 797 |
| 143 | 2 142 | 1 050 | 467 | 193 330 |
| 144 | 2 142 | 1 047 | 470 | 192 860 |
| 145 | 2 142 | 1 045 | 472 | 192 388 |
| 146 | 2 142 | 1 042 | 475 | 191 913 |
| 147 | 2 142 | 1 040 | 477 | 191 436 |
| 148 | 2 142 | 1 037 | 480 | 190 956 |
| 149 | 2 142 | 1 034 | 483 | 190 473 |
| 150 | 2 142 | 1 032 | 485 | 189 988 |
| 151 | 2 142 | 1 029 | 488 | 189 500 |
| 152 | 2 142 | 1 026 | 491 | 189 009 |
| 153 | 2 142 | 1 024 | 493 | 188 516 |
| 154 | 2 142 | 1 021 | 496 | 188 020 |
| 155 | 2 142 | 1 018 | 499 | 187 522 |
| 156 | 2 142 | 1 016 | 501 | 187 021 |
| 157 | 2 142 | 1 013 | 504 | 186 517 |
| 158 | 2 142 | 1 010 | 507 | 186 010 |
| 159 | 2 142 | 1 008 | 509 | 185 501 |
| 160 | 2 142 | 1 005 | 512 | 184 988 |
| 161 | 2 142 | 1 002 | 515 | 184 473 |
| 162 | 2 142 | 999 | 518 | 183 956 |
| 163 | 2 142 | 996 | 521 | 183 435 |
| 164 | 2 142 | 994 | 523 | 182 912 |
| 165 | 2 142 | 991 | 526 | 182 386 |
| 166 | 2 142 | 988 | 529 | 181 857 |
| 167 | 2 142 | 985 | 532 | 181 325 |
| 168 | 2 142 | 982 | 535 | 180 790 |
| 169 | 2 142 | 979 | 538 | 180 252 |
| 170 | 2 142 | 976 | 541 | 179 712 |
| 171 | 2 142 | 973 | 544 | 179 168 |
| 172 | 2 141 | 970 | 546 | 178 622 |
| 173 | 2 142 | 968 | 549 | 178 072 |
| 174 | 2 142 | 965 | 552 | 177 520 |
| 175 | 2 142 | 962 | 555 | 176 964 |
| 176 | 2 142 | 959 | 558 | 176 406 |
| 177 | 2 142 | 956 | 561 | 175 845 |
| 178 | 2 141 | 952 | 564 | 175 280 |
| 179 | 2 142 | 949 | 568 | 174 713 |
| 180 | 2 142 | 946 | 571 | 174 142 |
| 181 | 2 142 | 943 | 574 | 173 568 |
| 182 | 2 142 | 940 | 577 | 172 991 |
| 183 | 2 142 | 937 | 580 | 172 412 |
| 184 | 2 142 | 934 | 583 | 171 828 |
| 185 | 2 142 | 931 | 586 | 171 242 |
| 186 | 2 142 | 928 | 589 | 170 653 |
| 187 | 2 142 | 924 | 593 | 170 060 |
| 188 | 2 142 | 921 | 596 | 169 464 |
| 189 | 2 142 | 918 | 599 | 168 865 |
| 190 | 2 142 | 915 | 602 | 168 263 |
| 191 | 2 142 | 911 | 606 | 167 658 |
| 192 | 2 142 | 908 | 609 | 167 049 |
| 193 | 2 142 | 905 | 612 | 166 437 |
| 194 | 2 142 | 902 | 615 | 165 821 |
| 195 | 2 142 | 898 | 619 | 165 202 |
| 196 | 2 142 | 895 | 622 | 164 580 |
| 197 | 2 141 | 891 | 625 | 163 955 |
| 198 | 2 142 | 888 | 629 | 163 326 |
| 199 | 2 142 | 885 | 632 | 162 694 |
| 200 | 2 142 | 881 | 636 | 162 058 |
| 201 | 2 142 | 878 | 639 | 161 419 |
| 202 | 2 142 | 874 | 643 | 160 776 |
| 203 | 2 142 | 871 | 646 | 160 130 |
| 204 | 2 142 | 867 | 650 | 159 481 |
| 205 | 2 142 | 864 | 653 | 158 827 |
| 206 | 2 142 | 860 | 657 | 158 171 |
| 207 | 2 142 | 857 | 660 | 157 511 |
| 208 | 2 142 | 853 | 664 | 156 847 |
| 209 | 2 142 | 850 | 667 | 156 179 |
| 210 | 2 142 | 846 | 671 | 155 508 |
| 211 | 2 142 | 842 | 675 | 154 834 |
| 212 | 2 142 | 839 | 678 | 154 156 |
| 213 | 2 142 | 835 | 682 | 153 474 |
| 214 | 2 142 | 831 | 686 | 152 788 |
| 215 | 2 142 | 828 | 689 | 152 099 |
| 216 | 2 142 | 824 | 693 | 151 405 |
| 217 | 2 142 | 820 | 697 | 150 709 |
| 218 | 2 142 | 816 | 701 | 150 008 |
| 219 | 2 142 | 813 | 704 | 149 304 |
| 220 | 2 142 | 809 | 708 | 148 595 |
| 221 | 2 142 | 805 | 712 | 147 883 |
| 222 | 2 142 | 801 | 716 | 147 167 |
| 223 | 2 142 | 797 | 720 | 146 448 |
| 224 | 2 142 | 793 | 724 | 145 724 |
| 225 | 2 142 | 789 | 728 | 144 996 |
| 226 | 2 142 | 785 | 732 | 144 265 |
| 227 | 2 142 | 781 | 736 | 143 529 |
| 228 | 2 142 | 777 | 740 | 142 790 |
| 229 | 2 142 | 773 | 744 | 142 046 |
| 230 | 2 142 | 769 | 748 | 141 299 |
| 231 | 2 142 | 765 | 752 | 140 547 |
| 232 | 2 142 | 761 | 756 | 139 791 |
| 233 | 2 142 | 757 | 760 | 139 031 |
| 234 | 2 142 | 753 | 764 | 138 268 |
| 235 | 2 142 | 749 | 768 | 137 500 |
| 236 | 2 142 | 745 | 772 | 136 727 |
| 237 | 2 142 | 741 | 776 | 135 951 |
| 238 | 2 142 | 736 | 781 | 135 171 |
| 239 | 2 142 | 732 | 785 | 134 386 |
| 240 | 2 142 | 728 | 789 | 133 597 |
| 241 | 2 142 | 724 | 793 | 132 803 |
| 242 | 2 142 | 719 | 798 | 132 006 |
| 243 | 2 142 | 715 | 802 | 131 204 |
| 244 | 2 142 | 711 | 806 | 130 398 |
| 245 | 2 142 | 706 | 811 | 129 587 |
| 246 | 2 142 | 702 | 815 | 128 772 |
| 247 | 2 142 | 698 | 819 | 127 952 |
| 248 | 2 142 | 693 | 824 | 127 129 |
| 249 | 2 142 | 689 | 828 | 126 300 |
| 250 | 2 142 | 684 | 833 | 125 467 |
| 251 | 2 142 | 680 | 837 | 124 630 |
| 252 | 2 142 | 675 | 842 | 123 788 |
| 253 | 2 142 | 671 | 846 | 122 942 |
| 254 | 2 142 | 666 | 851 | 122 091 |
| 255 | 2 142 | 661 | 856 | 121 235 |
| 256 | 2 142 | 657 | 860 | 120 375 |
| 257 | 2 142 | 652 | 865 | 119 510 |
| 258 | 2 142 | 647 | 870 | 118 640 |
| 259 | 2 142 | 643 | 874 | 117 766 |
| 260 | 2 142 | 638 | 879 | 116 887 |
| 261 | 2 142 | 633 | 884 | 116 003 |
| 262 | 2 142 | 628 | 889 | 115 114 |
| 263 | 2 142 | 624 | 893 | 114 221 |
| 264 | 2 142 | 619 | 898 | 113 323 |
| 265 | 2 142 | 614 | 903 | 112 420 |
| 266 | 2 142 | 609 | 908 | 111 511 |
| 267 | 2 142 | 604 | 913 | 110 599 |
| 268 | 2 142 | 599 | 918 | 109 681 |
| 269 | 2 142 | 594 | 923 | 108 758 |
| 270 | 2 142 | 589 | 928 | 107 830 |
| 271 | 2 142 | 584 | 933 | 106 897 |
| 272 | 2 142 | 579 | 938 | 105 959 |
| 273 | 2 142 | 574 | 943 | 105 016 |
| 274 | 2 142 | 569 | 948 | 104 068 |
| 275 | 2 142 | 564 | 953 | 103 115 |
| 276 | 2 142 | 559 | 958 | 102 156 |
| 277 | 2 142 | 553 | 964 | 101 193 |
| 278 | 2 142 | 548 | 969 | 100 224 |
| 279 | 2 142 | 543 | 974 | 99 250 |
| 280 | 2 142 | 538 | 979 | 98 270 |
| 281 | 2 142 | 532 | 985 | 97 286 |
| 282 | 2 142 | 527 | 990 | 96 296 |
| 283 | 2 142 | 522 | 995 | 95 300 |
| 284 | 2 142 | 516 | 1 001 | 94 300 |
| 285 | 2 142 | 511 | 1 006 | 93 293 |
| 286 | 2 142 | 505 | 1 012 | 92 282 |
| 287 | 2 142 | 500 | 1 017 | 91 265 |
| 288 | 2 142 | 494 | 1 023 | 90 242 |
| 289 | 2 142 | 489 | 1 028 | 89 214 |
| 290 | 2 142 | 483 | 1 034 | 88 180 |
| 291 | 2 142 | 478 | 1 039 | 87 141 |
| 292 | 2 142 | 472 | 1 045 | 86 096 |
| 293 | 2 142 | 466 | 1 051 | 85 045 |
| 294 | 2 142 | 461 | 1 056 | 83 989 |
| 295 | 2 142 | 455 | 1 062 | 82 927 |
| 296 | 2 142 | 449 | 1 068 | 81 859 |
| 297 | 2 142 | 443 | 1 074 | 80 786 |
| 298 | 2 142 | 438 | 1 079 | 79 706 |
| 299 | 2 142 | 432 | 1 085 | 78 621 |
| 300 | 2 142 | 426 | 1 091 | 77 530 |
| 301 | 2 142 | 420 | 1 097 | 76 433 |
| 302 | 2 142 | 414 | 1 103 | 75 330 |
| 303 | 2 142 | 408 | 1 109 | 74 221 |
| 304 | 2 142 | 402 | 1 115 | 73 106 |
| 305 | 2 142 | 396 | 1 121 | 71 985 |
| 306 | 2 142 | 390 | 1 127 | 70 858 |
| 307 | 2 142 | 384 | 1 133 | 69 725 |
| 308 | 2 142 | 378 | 1 139 | 68 586 |
| 309 | 2 142 | 372 | 1 145 | 67 440 |
| 310 | 2 142 | 365 | 1 152 | 66 289 |
| 311 | 2 142 | 359 | 1 158 | 65 131 |
| 312 | 2 142 | 353 | 1 164 | 63 967 |
| 313 | 2 141 | 346 | 1 170 | 62 796 |
| 314 | 2 142 | 340 | 1 177 | 61 619 |
| 315 | 2 142 | 334 | 1 183 | 60 436 |
| 316 | 2 142 | 327 | 1 190 | 59 246 |
| 317 | 2 142 | 321 | 1 196 | 58 050 |
| 318 | 2 142 | 314 | 1 203 | 56 848 |
| 319 | 2 142 | 308 | 1 209 | 55 639 |
| 320 | 2 142 | 301 | 1 216 | 54 423 |
| 321 | 2 142 | 295 | 1 222 | 53 201 |
| 322 | 2 142 | 288 | 1 229 | 51 972 |
| 323 | 2 142 | 282 | 1 235 | 50 737 |
| 324 | 2 142 | 275 | 1 242 | 49 495 |
| 325 | 2 142 | 268 | 1 249 | 48 246 |
| 326 | 2 142 | 261 | 1 256 | 46 990 |
| 327 | 2 142 | 255 | 1 262 | 45 728 |
| 328 | 2 142 | 248 | 1 269 | 44 458 |
| 329 | 2 142 | 241 | 1 276 | 43 182 |
| 330 | 2 142 | 234 | 1 283 | 41 899 |
| 331 | 2 142 | 227 | 1 290 | 40 609 |
| 332 | 2 142 | 220 | 1 297 | 39 312 |
| 333 | 2 142 | 213 | 1 304 | 38 008 |
| 334 | 2 142 | 206 | 1 311 | 36 697 |
| 335 | 2 142 | 199 | 1 318 | 35 379 |
| 336 | 2 142 | 192 | 1 325 | 34 054 |
| 337 | 2 142 | 184 | 1 333 | 32 721 |
| 338 | 2 142 | 177 | 1 340 | 31 381 |
| 339 | 2 142 | 170 | 1 347 | 30 034 |
| 340 | 2 142 | 163 | 1 354 | 28 680 |
| 341 | 2 142 | 155 | 1 362 | 27 319 |
| 342 | 2 142 | 148 | 1 369 | 25 950 |
| 343 | 2 142 | 141 | 1 376 | 24 573 |
| 344 | 2 142 | 133 | 1 384 | 23 189 |
| 345 | 2 142 | 126 | 1 391 | 21 798 |
| 346 | 2 142 | 118 | 1 399 | 20 399 |
| 347 | 2 141 | 110 | 1 406 | 18 993 |
| 348 | 2 142 | 103 | 1 414 | 17 579 |
| 349 | 2 142 | 95 | 1 422 | 16 157 |
| 350 | 2 142 | 88 | 1 429 | 14 727 |
| 351 | 2 142 | 80 | 1 437 | 13 290 |
| 352 | 2 142 | 72 | 1 445 | 11 845 |
| 353 | 2 142 | 64 | 1 453 | 10 392 |
| 354 | 2 142 | 56 | 1 461 | 8 932 |
| 355 | 2 142 | 48 | 1 469 | 7 463 |
| 356 | 2 142 | 40 | 1 477 | 5 987 |
| 357 | 2 142 | 32 | 1 485 | 4 502 |
| 358 | 2 142 | 24 | 1 493 | 3 009 |
| 359 | 2 142 | 16 | 1 501 | 1 509 |
| 360 | 2 142 | 8 | 1 509 | 0 |
A professional-grade 2026 mortgage calculator for home buyers. Beyond simple payments, it accounts for down payments, property taxes, and PMI. Get a full yearly breakdown of how much of your payment goes towards interest versus building equity in your home.
Typically 10-20% is required. A higher down payment usually reduces your monthly installment and may eliminate the need for private mortgage insurance (PMI).
A 25 or 30-year term is standard and offers lower monthly payments, but a 15 or 20-year term will save you a massive amount in total interest if you can afford the higher monthly cost.
Rules vary by country. In many regions, the interest paid on a mortgage for a primary residence can offer significant tax benefits or deductions.