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Mortgage Interest Calculator For Tax Return
How to Calculate Mortgage Interest For Tax Return
If you get a loan from a bank, you'll receive a Form 1098-INT, which will have mortgage interest tax information detailed for you. But if you have a private loan or just want
to figure out your annual mortgage interest on your own, you can do it yourself. I have made simple Mortgage Interest Calculator for a personal use and you are very welcome to use it as well.
Let me explain, how the mortgage interest calculations work.
First, we need the total principal amount you owed. Let say, it is $300,000.
What is your monthly mortgage payment? Monthly payment for 30-years loan is approximately $1,610. If you are partially paying toward the value of a property, this number can be higher.
What is your Annual Interest Rate? Let's say it is 5%.
30 years x 12 months each year = 360.
Here is the calculation for the first month:
Annual Interest $300,000 x 0.05 = $15,000
Divide by the number of months in a year: $15,000/12 = $1250.
You Ending Balance for the First Month:
$300,000 - $1,610 + $1250 = $299,640
Now you need to use the ending balance to get your second month Interest:
$299,640 x 0.05 = $149,82
$149,82 / 12 = $1248.5
$299,640 - $1610 + $1248.5 = $299,278.5
At the end of a year, just sum all interests, and you have your personally calculated mortgage interest numbers for your taxes!
This calculator is intended solely for general information and education purposes. You should not take any action on the basis of the information provided through this calculator.
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