Yes. Generally you are correct and the reference provided by @Anonymous_ is great.
Just keep in mind the deductible interest amount will be part of a ratio. For example your loan limit is 750K, but the denominator will be the average balance of your mortgage loan for the year.
The original loan may be 1M but the average balance will most likely be less. Therefore the math my be 750/900 = .833 which you will then multiply by how much interest you actually paid during the year (shown on your form 1098).
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