With the possibility of saving you time, be aware of this:
If the total of all of your SCH A itemized deductions (which includes mortgage interest on a maximum of $750K of the outstanding balance) does not exceed your standard deduction, then claiming the mortgage interest as an itemized deduction will have no effect on your tax liability.
So if filing a joint return and the total of all of your itemized SCH A deductions do not exceed $24,600, you're wasting your time itemizing.
