M
Mortgageman
Guest
Hi Gmac,
If you are paying approx €1,500 per month on €290,000 over 30 years, your interest works out at approx 4.7% (closest rate according to my calculations.)
If you took out the mortgage in August 07 then the first payment would have been in Sep 07 and you would have made 4 payments in 2007.
For 2007 then, your 4 payments would have been as follows:
Year Month Principal Interest Balance O/S
2007 Sep 368.22 1135.83 289631.78
2007 Oct 369.66 1134.39 289262.13
2007 Nov 371.11 1132.94 288891.02
2007 Dec 372.56 1131.49 288518.46
2007 Totals 1481.54 4534.66 288518.46
As you can see from the above, your total interest paid in 2007 was approx €4,534.66. Your TRS then is €4,534.66 *20% = €906.93
It looks like Revenue have got it right for 2007 to be honest - so it might not be a good idea telling them that there is a mistake in 2007 (as it looks like there isn't) if you want them to take your query about 2008 seriously.
The amount of TRS you mentioned for 2008 looks like its too low alright - maybe you should just concentrate on the 2008 issue when speaking to Revenue.
If you are paying approx €1,500 per month on €290,000 over 30 years, your interest works out at approx 4.7% (closest rate according to my calculations.)
If you took out the mortgage in August 07 then the first payment would have been in Sep 07 and you would have made 4 payments in 2007.
For 2007 then, your 4 payments would have been as follows:
Year Month Principal Interest Balance O/S
2007 Sep 368.22 1135.83 289631.78
2007 Oct 369.66 1134.39 289262.13
2007 Nov 371.11 1132.94 288891.02
2007 Dec 372.56 1131.49 288518.46
2007 Totals 1481.54 4534.66 288518.46
As you can see from the above, your total interest paid in 2007 was approx €4,534.66. Your TRS then is €4,534.66 *20% = €906.93
It looks like Revenue have got it right for 2007 to be honest - so it might not be a good idea telling them that there is a mistake in 2007 (as it looks like there isn't) if you want them to take your query about 2008 seriously.
The amount of TRS you mentioned for 2008 looks like its too low alright - maybe you should just concentrate on the 2008 issue when speaking to Revenue.