Currently, 75 million Americans are eligible to deduct the interest paid on their home mortgage from what they owe the government at tax time. Those who do save an average of $2,078 per year. … The National Commission on Fiscal Responsibility and Reform proposes to change the mortgage interest deduction, which saves home owners a total of $80 billion every year in taxes. The commission would replace the deduction with a 12 percent “mortgage interest credit” for all home owners. That’s less than the average 17 percent credit homeowners currently claim and would increase federal revenue around $300 billion over 10 years.