It is essentially calculated as the interest rate times the outstanding principal amount of the debt. Interest expense on the income statement represents interest accrued during the period covered by the financial statements, and not the amount of interest paid over that period.
Even though my basement bathroom cost was around $3,700, you could probably do it for just under $2,000 if you really pushed the envelope, maybe even less. I'm not going to sugarcoat the project. From a time perspective it takes awhile if you're doing it by yourself.
1 Bathroom renovation cost starting at only $3500 for a basic upgrade with an average spend of $9000 â $16000 and well over $20000 for a full redesign. 2  kitchens renovation cost ranging from $10,000 to $20000 for average size, $20000 â $50000 mid size and $50000 to over $80,000+ for high end designer kitchens.