The tax savings in simplest terms:
You make 50,000 and pay taxes on that (take whatever deductions loopholes you ordinarily do).
You've been paying 1,500/month mortgage, in the first year of your mortgage.
Now, you can deduct the interest you paid (and in the first year of your mortgage it's almost ALL interest).
You now make 32,000, go ahead and take the same deductions that you did above.
So whatever you pay in interest each year...just deduct that from the money you made.
It's significant.