Problem:
Your mortagage payment is $1,500 per month. Of this amount, insurance is $50, property taxes are $200, and interest is about $1,100.
Required:
Question: Assuming you have other itemized deductions that already exceed your standard deduction and that you are in the 31% marginal tax bracket, what is the reduction in your tax liability as a result of owning a home with this mortgage.
Note: Explain all steps comprehensively.