help with calculations in tax return on rental mortgage

rammster

I have the most complex mortgage related calculation

I have a base rate tracker repayment mortgage on one of my rental properties. How do I find out how much in this year I have spent on interest repayments (an expense) and how much I have on repayments (a profit)

Really finding out the interest only component would help me to calculate all the figures, but not only have the rates have been changing but also I have been making overpayments on my rental property. So what I am really after is a dynamic excel based mortgage calculator that can take in all of these factors and come out with some decent replies,

these i could then add to my tax return and this would make my life simple

rammster

any help out there

theartfullodger

Sigh!

And what did your lender write and give you when you asked them??? In my 'umble experience they will usually (eventually) send you a certificate/bit of paper with what the interest payments were. They obviously know you let it & will be happy to oblige....

btw why repayment?? Many Landlords only go for interest only ... and spend money you spend on "repayyments" on golf/mistresses/toy-boys/new-cars/holidays whatever.

You can try a fancy Excel (or, openoffice which is cheaper as in free) spreadsheet but that probably won't give you the exact number that your lender charged you... interest calculation being a bit of a dark art...


Have a look however at..
http://www.drcalculator.com/
Which has the most amazing range of calculators..but be aware it is USofA or Canadian & their detailed laws/processes will give you slightly different answers sometimes..

Cheers & best wishes, including to those who don't agree with me..

Lodger