There are differences between deductions and credits. Credits reduce your actual taxes (like you have in your question). Deductions reduce the income that your taxes are based upon. Schedule A, assuming you itemize your deductions and do not use the standard deduction.
Dear J: Your mortgage interest goes on Sch A and you probably will need more items to be able to use it.
Property taxes, contributions, medical (over of AGI) state tax or sales tax are some of the items on Sch A. How do I Calculate Tax Savings on Mortgage Interest. How much does the mortgage interest deduction really save us? Does mortgage refinance affect taxes? How to deduct mortgage points from taxes? The mortgage interest that you pay on your investment real estate also reduces income.
The effect of your mortgage interest deduction is to reduce your adjusted gross income, which in turn reduces your tax liability.
The amount of the reduction of your tax liability depends on your. Even if you meet all of the requirements for claiming mortgage interest as a deduction on your taxes , it might not actually help you lower your tax bill.