Hi Dina:
Only a qualified Tax Accountant can answer that question. I would point you to a Mortgage Calculator with an Amortization Schedule attached to it. This will break down how much of your payment is PITI (Principal ,Interest, Taxes & Insurance) this does not cover HOA fees (Home Owners Association). If you know what year you are in you can estimate based on this breakdown, take the data to your Tax Preparer or Accountant and they will be able to give you a more accurate number.

Here is an easy to use Calculator: http://jerelwashington.com/payment_calculator.asp

Make sure you select YES where it asks the following question: Include Amortization Table In Results?

Jerel Washington, 2008 Circle of Excellence Sales Award Winner
Keller Williams Realty - Princeton
100 Canal Pointe Blvd
Cell: 609-933-9044
Office: 609-987-8889 x234

Good Morning Dina,

Not sure I completely understand the qustion, but I am guessing you are asking about on your income taxes. If that is it, it is not exactly a % that you get back. What happens is that all interest payments you make is a tax deduction, real estate taxes are another tax deduction, certain closing costs are another tax deduction. What this does is effectively lower your adjusted gross income which in turn reduces the amount of taxes you owe.

However, if you buy before December 1 you may qualify for the $8,000 First Time Homebuyer Tax Credit, which is a dollar for dollar tax credit(not a deduction like the last paragraph) and this is 10% of the purchase price of your primary residence up to $8,000.

Hope that helps,
Happy Hunting,
Chris