1098 Outstanding Mortgage Principal

[ParsonWedding]

Hi Everyone! We are working on our taxes and I just want to make sure I am understanding the 1098.
Box 2 says Outstanding mortgage principal $27,163.48. However, in our loan information it states we have $19,277.83 in loan principal.
I am confused on the difference. From what I read the outstanding mortgage principal was what we owed in January 2024. Which we have paid towards. So does that mean on our 2025 1098 the outstanding mortgage principal on the 1098 will read $19,277.83. Am I off base on this? Any help would be appreciated!

 

[crvetter]

So Box 2 should be the outstanding mortgage balance January 1st of the tax year being reported. So it should be January 1, 2024.

On the 1098 there should be a fine print section that explains what each box means.

Disclaimer: Not an accountant, though the above is how my personal mortgage is reported.