It depends, and it's complicated. There is no simple answer. There are a lot of factors involved besides the standard deduction. If you do use itemized deductions, the effect of the mortgage interest depends on how much your other itemized deductions are, how much your Adjusted Gross Income (AGI) is, and other factors. Also, your mortgage interest deduction might be limited if the remaining balance is more than $750,000 ($375,000 if married filing separately).
The best way to answer your question would be to use a tax estimator such as TaxCaster. Enter everything except the mortgage interest and see how much it says your tax would be. Then enter the mortgage interest and see how much of a difference it makes.
