Ok, my wife and I are planning on having a house built, and I am trying to get a good estimate of how much we will save in taxes each month. After reading the book, "Buying a Home for Dummies," it suggested the following formula. I would like some input on whether this is accurate information. Keep in mind that there is no state income tax in Florida. To paraphrase the book: To figure out how much money you will save in taxes, use the following formula: Multiply your monthly total of principal, interest, and property tax by your tax rate. In my case the numbers will be as follows. (973+200) *.28% equals a tax saving of $328 per month. Is this an accurate formula? Also, what would be the best way of adjusting my tax witholdings so that we can come out even for the tax year? I hate the idea of owing money and the idea of giving the government a tax free loan.