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Re: Tax Relief on Mortgage

Using Karl Jeacle's mortgage calculator you get the following annual table assuming the mortgage starts January 2008:
Code: 
Year      Interest          Principal         Balance
2008      €17,764.27        €3,701.21         €346,298.79
2009      €17,571.06        €3,894.42         €342,404.37
2010      €17,367.73        €4,097.75         €338,306.62
2011      €17,153.78        €4,311.70         €333,994.92
2012      €16,928.66        €4,536.82         €329,458.10
2013      €16,691.82        €4,773.66         €324,684.44
2014      €16,442.58        €5,022.90         €319,661.54
2015      €16,180.32        €5,285.16         €314,376.38
2016      €15,904.40        €5,561.08         €308,815.30
2017      €15,614.08        €5,851.40         €302,963.90
2018      €15,308.57        €6,156.91         €296,806.99
2019      €14,987.13        €6,478.35         €290,328.64
2020      €14,648.90        €6,816.58         €283,512.06
2021      €14,292.99        €7,172.49         €276,339.57
2022      €13,918.52        €7,546.96         €268,792.61
2023      €13,524.50        €7,940.98         €260,851.63
2024      €13,109.92        €8,355.56         €252,496.07
2025      €12,673.66        €8,791.82         €243,704.25
2026      €12,214.66        €9,250.82         €234,453.43
2027      €11,731.70        €9,733.78         €224,719.65
2028      €11,223.50        €10,241.98        €214,477.67
2029      €10,688.79        €10,776.69        €203,700.98
2030      €10,126.15        €11,339.33        €192,361.65
2031      €9,534.11         €11,931.37        €180,430.28
2032      €8,911.18         €12,554.30        €167,875.98
2033      €8,255.73         €13,209.75        €154,666.23
2034      €7,566.04         €13,899.44        €140,766.79
2035      €6,840.39         €14,625.09        €126,141.70
2036      €6,076.82         €15,388.66        €110,753.04
2037      €5,273.38         €16,192.10        €94,560.94
2038      €4,428.01         €17,037.47        €77,523.47
2039      €3,538.48         €17,927.00        €59,596.47
2040      €2,602.54         €18,862.94        €40,733.53
2041      €1,617.74         €19,847.74        €20,885.79
2042      €581.50           €20,883.98        €1.81
As joint FTBs you are presumably entitled to relief on a maximum of €10K p.a. each. However the total interest paid in 2008 is €17,764 so you are actually entitled to relief on half of this each. €17,764 / 2 = €8,882 @ 20% = €1,776 / 12 months = €148 p.m. each or €298 p.m. The discrepancy here versus Revenue's figure of €244 may simple be because I am assuming January 2008 as the starting date or because 5.1% is the APR rather than the nominal rate. However this should illustrate how the relief should be calculated.
 
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