The above tool is intended to demonstrate the expected impact on taxes under various scenarios. Individual taxes can be impacted by many other variables which are not considered in the above calculator. Therefore, actual results based on one’s individual situation could be higher or lower. The above calculator does assume the taxpayer itemizes deductions and that their only deduction is interest expense. The above calculator does not take into account the changes in tax brackets that may occur due to other deductions like personal exemptions, taxes, charitable contributions and other itemized deductions.