Calculation of mortgage interest on a particular year

[tseki]

Here is my question;

Five years ago I bought a$131,000 building to house my business using a 25 year mortgage at 12% per year paid monthly.

Since interest paid for business use is tax deductible, how much interest did I pay in the 5th year? In the 6th year?

Without creating a schedule, is there any way to find this out?

Regards,

Tak

 

[Denis]

Without creating a schedule, is there any way to find this out?

Yes.

d = difference of 2 consecutive year-end balances
p = sum of payments during year

Interest during year = p - d

Example:
owing Dec 31 2008: 6200
owing Dec 31 2009: 5300
payments diring 2009: 1200 (12 @ 100)

Interest cost for 2009: 1200 - (6200-5300) = 1200 - 900 = 300