Your tax savings will depend on how much interest you are going to pay and what tax bracket you are in.
Tax brackets change each year. They are based on your filing status (married, single, etc.) and your adjusted gross income level. The brackets are prorated, so even if you are in a higher tax bracket, part of your income is still taxed at the lower percentage.
For homeowners, we generally do not recommend counting on income tax savings to help support a higher monthly mortgage payment than originally planned. This is because there are usually many unexpected expenses with homeownership, so your tax savings need to be reserved for those items.
Flippers usually do not hold property long enough to generate any tax advantages. Investors who buy for the long term may enjoy significant tax savings through interest deductions, ownership expenses, and depreciation deductions. The combination of all three may make seemingly expensive properties much more affordable.
The IRS has an excellent tax calculator at www.irs.gov. The information you enter into the calculator is completely confidential. You do not enter your name, and the IRS cannot tell who you are. All information is deleted as soon as you exit.