How to Find Out the Interest Paid on Your House
When you take out a mortgage, you are told the monthly payment on the mortgage. This amount includes both the interest charge and the amount that goes toward paying down your balance. Over the life of the loan, the amount of your interest payments will decrease because the balance is decreasing. If you itemize your deductions, you may be able to claim a tax deduction for the interest you paid on your house. To figure out how much you paid, you need your form 1098s from any loans you have against your home.
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Instructions
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Gather your form 1098s that you receive from each lender who services your loan or loans against your home. For example, if you have a first mortgage and a home equity loan, you would receive two separate form 1098s.
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Determine the interest paid on each loan on your home by looking in box 1 on each form 1098.
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Add the amounts from box 1 of your different form 1098s. For example, if you paid $10,000 in interest on your mortgage and $2,000 in interest on your home equity loan, you would have paid $12,000 in interest on your home.
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Total the amount of interest deductions you've taken over the years on your 1040 Schedule A's to determine the amount of interest you've paid over the life of the loan. Your mortgage lender can also provide this information.
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Tips & Warnings
Financial institutions will send the form 1098 to you in January of the following year. If you do not receive one by early February, contact your lender.
