Yes. Since you have overlapping months there will be a slight difference. I am editing my earlier response as well. Since the loans are less than a year they need to be annualized as below. You'll just need to find the average balance for each debt separately and then add them together for the total average balance. Below is an example. Once you have the average loan balance just divide your 750K loan limit by that average balance to get your ratio.
Debt 1 - Box 2 amount for example 450,000 + pay off amount 445,000/2 = 447,500. This loan was for 10 months so multiply by 10/12 to annualize. The average balance for this debt is 372,916. Box 1 amount 5K.
Debt 2 - Box 2 amount 1,500,000 for example + ending balance of most current 1098 (1,445,000)/2 = 1,472,500 This loan was outstanding for 3 months (Oct-Dec). Multiply by 3/12 = 368,125. Box 1 amount 10K
Add those together; 372,916 + 368,125 = 741,041 This is below 750K so all interest would be deductible. The math would be 750000/741041 = 1.01 which is over 1.
Deductible interest would be 10K + 5K = 15K (1) = 15K
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