You can both deduct the mortgage interest you actually paid individually, so long as the total of the mortgage interest you list on your individual returns do not exceed the total mortgage interest paid.  For example, if your Form 1098 Mortgage interest form says you paid $5,000 for the year, and you each paid an equal amount into the loan then you can deduct 2,500 on your return and your spouse can deduct 2,500 for a total of 5,000.