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Your interest payments on loans for your business can be deducted from your income for tax purposes. The principle payments are not tax deductible. This means you must break out the interest payment.
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You can use the amortization schedule on Bankrate’s mortgage payment calculator to determine both the new loan term and the interest savings. Since you just refinanced last year, you have a great.
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Over the life of your loan, you’d pay $279,017.80 in interest, according to Bankrate’s amortization calculator. At 7.5 percent interest on that same loan, your monthly payments would be $1,398.43, and.
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Ask your loan servicer to run a fresh amortization schedule that has the mortgage. Alternatively, you can use online calculators. Bankrate.com and Calculator.com both have free online “mortgage.
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