Tax Deductions for 50-Year Mortgage Interest

The mortgage interest tax deduction is one of the most valuable tax benefits for American homeowners, potentially saving thousands of dollars annually—especially on 50-year mortgages where interest payments dominate early years. However, the 2017 Tax Cuts and Jobs Act (TCJA) fundamentally changed this landscape by capping the deduction at $750,000 of mortgage debt and dramatically increasing the standard deduction, making itemization less beneficial for many middle-income households. On a $400,000 50-year mortgage at 6.5%, you'll pay approximately $24,000 in interest during year one alone—but whether you benefit from deducting that interest depends on your tax bracket, total itemized deductions, and filing status. This comprehensive guide explains exactly how the mortgage interest deduction works, provides detailed tax savings calculations across different brackets (22%, 24%, 32%, 35%), shows year-by-year declining benefits as your interest payments decrease, covers points deductibility rules, examines state and local considerations, and helps you determine when this deduction matters versus when it provides minimal or no benefit.

Understanding the Mortgage Interest Tax Deduction

The mortgage interest tax deduction allows homeowners to reduce their taxable income by the amount of interest paid on their home loan each year. This is an itemized deduction, meaning you must itemize deductions on Schedule A of your tax return rather than taking the standard deduction. The deduction applies only to interest—not principal payments—making it particularly valuable in the early years of a 50-year mortgage when interest comprises over 85% of each payment.

How the Deduction Works: Basic Mechanics

Tax Reduction Formula:

Tax Savings = (Mortgage Interest Paid) × (Your Marginal Tax Rate)

Example: If you pay $24,000 in mortgage interest and you're in the 24% federal tax bracket:

• Federal tax savings: $24,000 × 24% = $5,760
• If you also pay 5% state income tax: $24,000 × 5% = $1,200
• Total annual tax savings: $6,960

This means your effective after-tax interest rate is lower than the nominal rate. A 6.5% mortgage becomes approximately 4.9% after-tax if you're in the 24% federal bracket.

Itemized vs Standard Deduction: The Critical Decision

To benefit from the mortgage interest deduction, your total itemized deductions (mortgage interest + state/local taxes + charitable contributions + medical expenses above 7.5% of AGI) must exceed the standard deduction for your filing status. This is where many homeowners lose the benefit post-2017 tax reform.

Itemized Deductions

Schedule A Required

What You Can Deduct (2024):

• Mortgage interest (on debt up to $750K)
• State and local taxes (SALT) up to $10,000
• Charitable contributions
• Medical expenses exceeding 7.5% of AGI
• Casualty and theft losses (in federal disaster areas)

When to Itemize:

• Total itemized deductions exceed standard deduction
• Large mortgage with substantial interest payments
• High state/local taxes (especially before $10K cap)
• Significant charitable giving

Standard Deduction

No Documentation Needed

Standard Deduction Amounts (2024):

• Single filers: $14,600
• Married filing jointly: $29,200
• Head of household: $21,900

When to Use Standard:

• Itemized deductions don't exceed these thresholds
• Smaller mortgage with less interest
• Low state/local taxes
• Minimal charitable contributions
• Simplicity and audit risk reduction

Critical Threshold Analysis

For married couples filing jointly, your itemized deductions must exceed $29,200 to gain any benefit from itemizing. If your mortgage interest is $24,000 and you max out SALT at $10,000, your total is $34,000—only $4,800 above the standard deduction. This means you only get an extra $4,800 × your tax rate in additional savings, not the full $34,000.

Many homeowners mistakenly believe they save their tax rate times their entire mortgage interest, when in reality they only benefit from the amount by which itemized deductions exceed the standard deduction.

Mortgage Interest Deduction Limits: The $750,000 Cap

The Tax Cuts and Jobs Act of 2017 significantly reduced the mortgage interest deduction limit, creating important planning considerations for homebuyers.

Current Deduction Limits

$750,000

Maximum acquisition debt on which you can deduct interest for mortgages originated after December 15, 2017.

For mortgages originated on or before December 15, 2017, the higher limit of $1,000,000 is grandfathered in, meaning you can continue deducting interest on debt up to $1 million.

What This Means in Practice:

• Loan amounts ≤ $750,000: You can deduct 100% of mortgage interest
• Loan amounts > $750,000: You can only deduct interest on the first $750,000
• Example: $900,000 mortgage at 6.5% = $58,500 annual interest, but only $48,750 (interest on $750K) is deductible. You lose the deduction on $9,750 of interest annually.

Second Homes and Home Equity Loans

The $750,000 limit applies to the combined total of your primary residence and one second home. Home equity loans and HELOCs are only deductible if the proceeds were used to "buy, build, or substantially improve" the home that secures the loan. You cannot deduct interest on home equity debt used to pay off credit cards, buy a car, or fund college expenses.

Why 50-Year Mortgages Generate Maximum Deductible Interest

Fifty-year mortgages create substantially more deductible interest than shorter terms, making the tax deduction particularly valuable if you qualify to itemize. The extended amortization means interest dominates your payments for decades, not just the first few years.

Key Insights: Interest Front-Loading

Minimal Early Principal

In year one of a $400K 50-year mortgage at 6.5%, you pay $25,989 in interest but only $410 in principal—just 1.6% goes toward principal. This maximizes tax-deductible interest for decades.

Sustained High Interest

Even in year 10, you're still paying $25,474 in interest annually—barely declining. On a 15-year mortgage, year 10 interest is only $12,476 (less than half). This sustained high interest means sustained high deductions.

Lifetime Deduction Potential

Over 50 years, you'll pay $905,000 in total interest on a $400K loan—all potentially deductible (subject to limits). At a 24% tax rate, this could represent $217,200 in lifetime tax savings.

Real Tax Savings Calculations: Multiple Tax Brackets

Your actual tax savings depend heavily on your marginal tax bracket. Here are detailed calculations for a $400,000 50-year mortgage at 6.5% across four common federal tax brackets, assuming you itemize and can deduct all mortgage interest.

22% Tax Bracket

22%

Year 1 Savings:

• Interest paid: $25,989
• Federal tax savings: $5,718
• After-tax interest cost: $20,271
• Effective interest rate: 5.07%

10-Year Cumulative:

• Total interest paid: $258,744
• Total tax savings: $56,924

24% Tax Bracket

24%

Year 1 Savings:

• Interest paid: $25,989
• Federal tax savings: $6,237
• After-tax interest cost: $19,752
• Effective interest rate: 4.94%

10-Year Cumulative:

• Total interest paid: $258,744
• Total tax savings: $62,099

32% Tax Bracket

32%

Year 1 Savings:

• Interest paid: $25,989
• Federal tax savings: $8,316
• After-tax interest cost: $17,673
• Effective interest rate: 4.42%

10-Year Cumulative:

• Total interest paid: $258,744
• Total tax savings: $82,798

35% Tax Bracket

35%

Year 1 Savings:

• Interest paid: $25,989
• Federal tax savings: $9,096
• After-tax interest cost: $16,893
• Effective interest rate: 4.22%

10-Year Cumulative:

• Total interest paid: $258,744
• Total tax savings: $90,560

Adding State Income Tax Benefits

Example: California resident in 24% federal bracket + 9.3% state bracket

1. Mortgage interest paid (Year 1): $25,989
2. Federal tax savings: $25,989 × 24% = $6,237
3. State tax savings: $25,989 × 9.3% = $2,417
4. Total tax savings: $6,237 + $2,417 = $8,654

Combined Effective Tax Rate: 33.3% | After-Tax Interest Rate: 4.34%

For high-tax-state residents in higher brackets, the mortgage interest deduction can reduce your effective interest rate by one-third or more, turning a 6.5% mortgage into a sub-4.5% loan after taxes.

Year-by-Year Analysis: Declining Tax Benefits Over Time

While 50-year mortgages maintain high interest payments longer than shorter terms, your tax benefit still gradually declines each year as more of your payment shifts from interest to principal. Here's a decade-by-decade analysis showing how deductions decrease over the life of your loan.

$400,000 Loan at 6.5% – Tax Deduction Decline (24% Bracket)

Years 1-10

Annual Interest (Avg) $25,874

Annual Tax Savings (Avg) $6,210

Decline from Year 1 -2%

Total 10-Year Savings $62,099

Analysis: Tax benefits remain nearly constant in the first decade. Interest barely declines because principal paydown is minimal—you still owe $395,900 after 10 years. The deduction provides maximum value during this period.

Years 11-20

Annual Interest (Avg) $25,123

Annual Tax Savings (Avg) $6,030

Decline from Year 1 -6%

Total 10-Year Savings $60,295

Analysis: Interest declines modestly. After 20 years you owe $386,700—only $13,300 of principal paid in 20 years. Annual tax savings drop by just $180 compared to year 1. Still providing substantial benefits.

Years 21-30

Annual Interest (Avg) $24,041

Annual Tax Savings (Avg) $5,770

Decline from Year 1 -13%

Total 10-Year Savings $57,698

Analysis: After 30 years you've paid down $26,500 of the original $400,000—still owe $373,500. Interest is 92% of what it was in year 1. Tax benefits remain strong but starting to show modest decline.

Years 31-40

Annual Interest (Avg) $22,356

Annual Tax Savings (Avg) $5,365

Decline from Year 1 -24%

Total 10-Year Savings $53,654

Analysis: Principal paydown accelerates slightly. After 40 years you've paid $56,000 of principal. Annual interest drops to $22,356, saving you $5,365 in taxes—still substantial but down from peak.

Years 41-50

Annual Interest (Avg) $18,750

Annual Tax Savings (Avg) $4,500

Decline from Year 1 -40%

Total 10-Year Savings $45,000

Analysis: Final decade shows meaningful decline as principal accelerates. Interest drops to $18,750 by year 45, saving $4,500 annually—still valuable but down 40% from early years. The remaining $344,000 principal gets paid off in this final stretch.

Cumulative 50-Year Tax Savings Summary

Total interest paid over 50 years: $905,000

Total tax savings at 24% bracket: $217,200

Average annual tax savings: $4,344

Key Insight: Even though tax benefits decline over time, the 50-year structure keeps them elevated much longer than shorter terms. A 30-year mortgage would see tax benefits drop to $3,600 by year 20; a 50-year mortgage still delivers $6,030 in year 20.

Mortgage Points Deductibility: Purchase vs Refinance

If you paid discount points to reduce your interest rate, those points may be tax-deductible—but the rules differ dramatically between purchase mortgages and refinances.

Purchase Mortgages: Immediate Deduction

Discount points paid on a mortgage to buy or build your primary residence are typically fully deductible in the year paid if you meet IRS requirements:

• Loan secured by your primary residence
• Points are an established practice in your area
• Points weren't excessive for your area
• You use cash accounting (most individuals do)
• You provided funds at least equal to points (down payment, etc.)
• Points used to buy down rate, not for other services

Example: You pay 2 points ($8,000) on a $400K purchase mortgage. You can deduct the full $8,000 in year 1. At 24% tax rate, this saves $1,920 in taxes immediately.

Refinance Mortgages: Amortized Deduction

Discount points paid on a refinance must be deducted ratably (spread out) over the life of the loan, not all at once:

• Deduction spread equally over all loan years
• Can deduct remaining balance if you refinance again or sell
• If part of proceeds improve home, that portion may be deductible immediately

Example: You pay 2 points ($8,000) on a $400K refinance to 50 years. Annual deduction: $8,000 ÷ 50 = $160/year. At 24% rate, saves only $38.40 per year in taxes—far less beneficial than purchase points.

Origination Points Are Not Deductible as Discount Points

Many borrowers confuse origination points (lender fees for processing) with discount points (payments to reduce rate). Only discount points that permanently reduce your rate are deductible. Origination points are not deductible as points, though they may be deductible as part of mortgage interest over time.

Always verify with your lender which charges are discount points versus origination fees. Your Form 1098 should break this down, but errors occur. Keep your Loan Estimate and Closing Disclosure to prove which points bought down your rate.

State and Local Tax Considerations

In addition to federal deductions, mortgage interest may be deductible on state income tax returns, and state-specific rules can significantly affect your total tax benefit. Here's what to know:

1. State Income Tax Deductions

Most states with income taxes allow mortgage interest deductions that mirror federal rules. However, some states have different limits or don't allow the deduction at all.

States that generally allow full deduction: California (up to 9.3% top rate), New York (up to 10.9%), New Jersey (up to 10.75%), Oregon (up to 9.9%), Minnesota (up to 9.85%). Combined federal and state savings can reach 40%+ for high earners in high-tax states.

2. States with No Income Tax (No Additional Benefit)

Nine states have no state income tax, meaning you only benefit from federal deductions: Alaska, Florida, Nevada, New Hampshire (wages only), South Dakota, Tennessee, Texas, Washington, Wyoming.

Impact: Texas resident in 24% federal bracket saves only $6,237 on $25,989 interest. California resident in same federal bracket saves $6,237 federal + $2,417 state = $8,654 total (39% more savings).

3. SALT Cap Interactions ($10,000 Limit)

The $10,000 federal cap on state and local tax (SALT) deductions can affect your ability to benefit from state property and income taxes, but it doesn't directly limit mortgage interest deductions. However, it reduces total itemized deductions for high-tax-state residents.

Example: You pay $15,000 state income tax + $12,000 property tax + $26,000 mortgage interest. Federal itemized deductions = $10,000 (SALT cap) + $26,000 (mortgage interest) = $36,000. You lose $17,000 in SALT deductions, even though mortgage interest is fully deductible.

4. State-Specific Mortgage Interest Rules

Some states have unique rules or limitations. For example, Pennsylvania doesn't conform to federal itemized deductions—you can't deduct mortgage interest on PA returns at all.

Always verify: Check your specific state's tax code or consult a tax professional. State rules change, and what applies in one state may not apply in yours.

Tax-Advantaged Strategies for 50-Year Mortgages

Sophisticated borrowers can use the mortgage interest deduction strategically to maximize after-tax wealth. Here are advanced tactics:

Strategy 1: Maximize Deductible Debt (Up to $750K)

If you can afford to borrow up to $750,000, doing so maximizes your deductible interest. Some high-income borrowers intentionally borrow the full $750K limit even with larger down payments available, investing the saved cash in tax-advantaged accounts or taxable investments.

Example: Instead of $200K down on $800K home, put $50K down and borrow $750K. Invest the extra $150K in a brokerage account. If investments return 7% and mortgage costs 6.5% (4.42% after 32% tax), you arbitrage the spread.

Strategy 2: Bunching Itemized Deductions

If your itemized deductions hover near the standard deduction threshold, consider "bunching" deductions—concentrating charitable contributions, property tax payments, or other deductible expenses into alternating years to exceed the standard deduction every other year.

Example: Mortgage interest + normal deductions = $28,000 (below $29,200 standard). Make 2 years of charitable donations ($10,000) in year 1, pushing itemized to $38,000. Take standard in year 2. Average benefit exceeds taking standard both years.

Strategy 3: Strategic Refinancing Timing

Since refinance points must be amortized, time refinances strategically. If you're planning a major refinance, consider doing it when rates drop significantly (1%+ reduction) to justify the lost immediate deduction on points.

Consideration: If refinancing from 6.5% to 5.5% saves $300/month but you pay $8,000 in points with amortized deduction, the monthly savings may justify the reduced tax benefit.

Strategy 4: Donor-Advised Funds for SALT Cap Workaround

High-income earners in high-tax states hit by the $10K SALT cap can bunch charitable contributions into donor-advised funds, increasing itemized deductions to maximize mortgage interest deduction value.

Advanced tactic: Contribute $50K to donor-advised fund in one year (deductible immediately), combine with $26K mortgage interest + $10K SALT = $86K itemized. Grants distributed from fund over subsequent years without needing annual contributions.

When the Deduction Matters vs Doesn't Matter

The mortgage interest deduction's value varies dramatically based on your financial situation. Understanding when it provides significant benefit versus minimal or no benefit is critical for decision-making.

When the Deduction Matters A LOT

High Earners in High Tax Brackets

If you're in the 32-37% federal bracket (plus state taxes), the deduction is extremely valuable. A $26,000 mortgage interest payment saves $8,300-$9,600 federally, plus state savings—potentially $10,000+ annually.

Large Mortgages Near $750K Limit

Borrowing $600K-$750K generates $39,000-$48,750 in annual interest at 6.5%. Even at 24% bracket, this saves $9,360-$11,700 in federal taxes alone. The larger your mortgage (up to the limit), the more valuable the deduction.

High-Tax States with Significant State Deductions

California, New York, New Jersey residents in top state brackets (9-11%) get combined federal + state benefits approaching 40-45%. On $26,000 interest, total savings exceed $10,000 annually.

Substantial Other Itemized Deductions

If you already exceed standard deduction with SALT ($10K) + charitable giving ($15K+), every dollar of mortgage interest provides full marginal benefit. No threshold issues—you get tax rate times full interest amount.

When the Deduction Doesn't Matter Much

Taking the Standard Deduction

If your total itemized deductions (mortgage interest + SALT + charity) don't exceed $14,600 (single) or $29,200 (married), you get zero benefit from mortgage interest. The standard deduction already provides that tax reduction regardless of mortgage status.

Barely Exceeding Standard Deduction

If itemized deductions total $32,000 (married), you only benefit from $2,800 above standard deduction. On $26,000 mortgage interest, effective benefit is only $2,800 × tax rate, not $26,000 × tax rate—a fraction of perceived value.

Low Tax Brackets (10-12%)

Even if you itemize, the 10-12% tax brackets make the deduction worth only $2,600-$3,120 on $26,000 interest. While beneficial, it's not transformative. The deduction saves far less than for high earners.

Small Mortgages Under $300K

A $200,000 mortgage at 6.5% generates only $13,000 in year-1 interest. Combined with $10K SALT cap = $23,000 itemized—below standard for married couples. You may get zero or minimal benefit from the deduction.

No-Income-Tax States

Florida, Texas, Washington, Nevada residents get no state benefit, reducing total tax savings by 30-50% compared to high-tax-state residents. Federal-only benefits are good but not exceptional for middle-income borrowers.

2017 Tax Reform Impact: How TCJA Changed Everything

The Tax Cuts and Jobs Act of 2017 fundamentally transformed the mortgage interest deduction, reducing its benefit for millions of middle-class homeowners while maintaining strong benefits for high earners with large mortgages.

Major Changes from 2017 Tax Reform

1. Deduction Limit Reduced: $1M → $750K

Before TCJA (pre-Dec 15, 2017): Could deduct interest on up to $1,000,000 of acquisition debt

After TCJA (Dec 15, 2017+): Can only deduct interest on up to $750,000 of acquisition debt

Impact: High-cost markets (Bay Area, NYC, LA, Seattle, Boston) see many buyers with $800K-$1.5M mortgages who can no longer deduct full interest. A $1M mortgage loses deductibility on $250K of debt—about $16,250 in lost deductions annually at 6.5%.

2. Standard Deduction Nearly Doubled

Before TCJA: Standard deduction was $6,350 (single) / $12,700 (married)

After TCJA (2024): Standard deduction is $14,600 (single) / $29,200 (married)

Impact: This is the biggest change for most homeowners. Millions who previously itemized now take the standard deduction because their mortgage interest + other deductions don't exceed the new higher threshold. Estimates suggest 90% of taxpayers now use standard deduction vs 70% before TCJA.

3. Home Equity Loan Interest Eliminated (with exceptions)

Before TCJA: Could deduct interest on up to $100K of home equity debt regardless of how proceeds were used

After TCJA: Can only deduct home equity interest if proceeds used to "buy, build, or substantially improve" the home securing the loan

Impact: Can no longer deduct interest on HELOCs or home equity loans used for debt consolidation, cars, college, or other non-home purposes. Eliminates a popular tax-advantaged borrowing strategy.

4. State and Local Tax (SALT) Deduction Capped at $10K

Before TCJA: Unlimited deduction for state/local income and property taxes

After TCJA: Combined SALT deduction capped at $10,000

Impact: While this doesn't directly affect mortgage interest deductibility, it reduces total itemized deductions for high-tax-state residents, making it harder to exceed the standard deduction threshold. Many high earners who paid $20K-$50K in SALT now max out at $10K, losing substantial deductions.

Net Effect: Winners and Losers

Winners:

• High earners with mortgages under $750K who still itemize due to large charitable giving or business deductions
• Residents of low-tax states who weren't affected by SALT cap and still exceed standard deduction
• Jumbo borrowers who bought before Dec 15, 2017 (grandfathered at $1M limit)

Losers:

• Middle-class homeowners with $300K-$500K mortgages who no longer exceed standard deduction
• High-tax-state residents who lost much of their SALT deduction
• Borrowers with $750K+ mortgages who lose deductibility above $750K
• Anyone using home equity loans for non-home purposes

Record Keeping Requirements and Documentation

To claim the mortgage interest deduction, you must maintain proper documentation and understand IRS reporting requirements. Here's exactly what you need:

Form 1098: Mortgage Interest Statement

• What it is: Annual statement from your lender showing interest paid
• When you get it: Mailed by January 31 each year
• What it shows: Total interest paid in box 1; points paid in box 6
• How to use it: Transfer box 1 amount to Schedule A, line 8a
• Common error: Box 1 may include principal if you have a construction loan or pay-ahead. Verify accuracy.

Closing Disclosure (HUD-1)

• What it is: Final settlement statement from closing
• Why you need it: Proves points paid, distinguishes discount vs origination points
• How long to keep: Permanently (as long as you own home + 7 years after sale)
• What to verify: Points in Section A match Form 1098; loan amount matches records
• Critical for: Defending immediate deduction of purchase points if audited

Loan Documents and Notes

• Mortgage note: Proves loan amount, interest rate, term
• Loan Estimate: Shows good-faith estimate of costs; compare to final
• Truth in Lending: Annual percentage rate and total finance charges
• Refinance records: Track points amortization over loan life
• Storage: Keep physical and digital copies in secure location

Payment Records

• Bank statements: Showing mortgage payments made
• Extra payment documentation: If making additional principal payments
• Escrow statements: Annual breakdown of taxes, insurance, principal, interest
• Reconciliation: Verify Form 1098 matches your actual payments
• Retention: Keep current year + 7 prior years minimum

Special Situations Documentation

• Refinances: Track unamortized points from prior loans (deductible when refinancing again)
• Home improvements: Receipts proving HELOC/equity loan proceeds used for improvements
• Rental property: Separate records for personal vs rental portion if renting part of home
• Divorce/separation: Agreement showing who pays/deducts mortgage interest

State Tax Documentation

• State tax returns: Some states require additional forms for mortgage interest
• Multi-state issues: If you moved mid-year, prorate interest by state residency
• State-specific limits: Documentation if your state has different rules than federal
• Property tax records: Separate from mortgage interest but often paid together via escrow

IRS Audit Red Flags to Avoid

• Deducting more than Form 1098 shows: Only do this if you have documentation of additional deductible interest (e.g., points not reported by lender). Always attach explanation.
• Claiming points on refinance as immediate deduction: IRS looks for this error. Refinance points must be amortized unless you can prove exception (improvement portion).
• Deducting interest above $750K limit: If your loan exceeds $750K, you must calculate the non-deductible portion. Don't just deduct box 1 of Form 1098.
• Home equity interest for non-qualifying purposes: If audited, be prepared to prove HELOC proceeds improved the home, not paid for cars/college/debt.
• Rental property interest on Schedule A: Rental property mortgage interest goes on Schedule E, not Schedule A. Mixing these invites scrutiny.

Key Takeaways

The Deduction Isn't Universal

Many borrowers assume everyone benefits from mortgage interest deductions. Post-2017 tax reform, approximately 90% of taxpayers use the standard deduction and get zero benefit from mortgage interest. Only itemizers with deductions exceeding $14,600/$29,200 benefit.

50-Year Mortgages Maximize Deductible Interest

Extended amortization means you pay $905,000 in total interest on a $400K loan versus $510,080 on a 30-year loan. If you're in a high bracket and itemize, this translates to $217,200 in lifetime tax savings at 24% rate—nearly double the 30-year savings.

Higher Tax Brackets = Exponentially More Value

The 35% bracket saves 59% more than the 22% bracket on identical mortgage interest. Combined with state taxes, high earners in high-tax states can reduce effective mortgage rates by over one-third through deductions.

The $750K Cap Affects Jumbo Borrowers

Mortgages above $750,000 lose deductibility on the excess. A $900K loan loses roughly $9,750 in annual deductions, costing $2,340-$3,413 in additional taxes for 24-35% bracket taxpayers—a hidden cost of jumbo financing.

Points Deductibility Depends on Loan Type

Purchase mortgage points are immediately deductible (saving thousands in year 1), while refinance points must be amortized over the loan life (minimal annual benefit). This difference significantly affects break-even calculations for buying points.

Tax Benefits Decline But Stay Strong

While tax savings decrease as interest declines over 50 years (from $6,237 to $4,500 at 24% bracket), the 50-year structure keeps benefits elevated far longer than shorter terms. Year 20 benefits on a 50-year loan exceed year 10 benefits on a 15-year loan.