For a $580k house, assuming you put 20% down, at an interest rate of about 6%, you should expect to pay about $39,934 in mortgage interest. Also, you could probably expect to pay around 1% in property taxes, so add $5,800 to that value as well.
So, you’re looking at around $45734 to offset against your salary.
If you want to calculate and run the numbers in Microsoft Excel, the formula is:
=PMT(0.06/12,12,580000*0.8,0,0)
Or of course run through any of the excellent mortgage interest calculators available on the Internet.
