I've got a mortgage and withholding question.


I'm about to buy my first house; I know that paying mortgage interest will allow me to change mine and my wife's tax withholding, but I'm uncertain about some of the nitty-gritty there. Specifically, how can I calculate what our NEW TAKE HOME INCOME will be after our withholding is changed to take advantage of the new tax situation?

Specifics: Combined income = $124,000
Cost of home = $600,000
Mortgage interest = $22,000 (per year)

Thank You

(I assume this is one of those questions that's butt-simple, but totally impenetrable if you're ignorant like me. I've spent quite a while googling, but get nothing but withholding calculators, which only seem to give me part of the picture