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Homeownership >  Mortgage Credit Certificate (MCC) > MCC Stand Alone




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bulletMCC Example


MCC Example*: MCCs are issued directly to qualifying applicants who are then able each year to take a tax credit equal to a specified percentage of the interest paid on their mortgage not to exceed $2,000. The Mortgage Credit Certificate rate is 25 percent. Thus, an applicant with a $130,000.00 mortgage (30 year fixed with equal monthly installments of principal and interest) would realize the following savings:



During the first year of the program, this applicant would be entitled to a tax credit of $1,614.00. Based upon such entitlement, he or she would be able to file in advance a revised W-4 withholding form taking into consideration this tax credit and have approximately $135.00 per month in additional disposable income. Additionally, taxpayers who file itemized returns may take a deduction for their mortgage interest paid each year, less an amount equal to the tax credit taken. (In the above example, the additional interest deduction would be $6,456.00 less $1,614.00, or $4,842.00)


*The information on this website should not be used in any actual transaction without the advice and guidance of a professional tax adviser who is familiar with all the relevant facts. MHDC is not a tax advice expert.  Information contained within this website, is not intended to be tax advice. MHDC does not advise on income tax matters.  Use of any information from this site does not represent personal tax advice either expressed or implied. 




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