Can we apply the home mortgage interest limitation of $375,000 for our filing status as married filing separately or on a combined basis ?

[cpafan23]

our situation is that we bought a home with a $700,000 mortgage on October, 2018.  The 2018 interest on the mortgage was $5,000 which we each paid 50% or $2,500.  The TCJA limits deduction of interest to a loan of $375,000 which lowers the interest deduction to $2,700.  Can we each claim the interest on $375,000 loan limit or just 50% of that amount ? 

[pk]

I do not understand -- TCJA, limits the principal to $750,000 total. So if there are two people involved  in the same mortgage ( not filing jointly), then it would be $375,000 for each person.  Does that make sense?