[quote]When you take interest tax deduction, you lost your $10700 (if file jointly).
So, the saving should be $568, not $1063[/quote]
(2550 + 550) * 12 – 10700 is 26500, tax savings of $552/month (federal) and $205/month (state). And that assumes that you have nothing else to deduct. But, at the very least, you can deduct your previous year state tax and all DMV registration fees of your cars.
