Mortgage interest relief

Upthedeise07

How do you calculate your mortgage interest relief :eek:

any replies would be gratefully appreciated. :D

seventhwave

Hi,
You can calculate your mortgage relief using the mortgage payment calculator on this site http://www.mortgages.ie/index.cfm
and then there is an option to calculate mortgage tax relief. Hope this helps

FA

It is calculated as follows:

If you are married:
Max relief available: 20k @ 20% = 4k

Single
Max relief available: 10k @ 20% = 2k

Now Calculate the amount of interest you pay on an annual basis (mortgage amount * rate/100).

Now take the corresponding 'max relief available' figure from above. Lets say you are single and pay 8k a year in mortgage a year, your annual relief figure is 20% of 8k (1600 or 133.33 per month). Again married and pay 22000 of mortgage interest, take 'max relief available' figure from above (20k@20% = 4k a year or 333.33 a month)

Any questions let me know

parsi

FA wrote: »

It is calculated as follows:

If you are married:
Max relief available: 20k @ 20% = 4k

Single
Max relief available: 10k @ 20% = 2k

Now Calculate the amount of interest you pay on an annual basis (mortgage amount * rate/100).

Now take the corresponding 'max relief available' figure from above. Lets say you are single and pay 8k a year in mortgage a year, your annual relief figure is 20% of 8k (1600 or 133.33 per month). Again married and pay 22000 of mortgage interest, take 'max relief available' figure from above (20k@20% = 4k a year or 333.33 a month)

Shouldn't we add that as you progress through the mortgage term you interest (and hence relief) will begin to reduce ?

tHE vAGGABOND

Go to the mortgages.ie link above..

Put in your details, as if you were looking for a quote..

On the page which shows you your monthly repayments there is a link half way down the page 'tax relief calculator'

Put the info in there, and it will show you what your tax relief will be.