I rent my old primary residence out for $1250/ month and the mortgage on the property is $1031/ month. Is my rental income $1250 x12 or ($1250 -$1031) x12?

This property is in another state than my current primary residence.  Also the rental property was my primary residence for 7 years before I rented it out.  I also rented it out for the whole year from Jan - Dec