Interest rate payment and tax deduction

[Chet Pat]

Hi, 

I know you can deduct your interest rate payment (on your mortgage) from your Gross income. I have a question about the cap - The limit on deduction is $1,000,000.00.  Does this mean that the maximum you can deduct in interest payment is $1,000,000.00 or is it the maximum qualifying loan is $1,000,000.00 that you can deduct interest from.

Thanks,

Chet (SUPER NEWBIE).