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How much interest do you pay on your mortgage per day?
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esthomizzy
Posts: 492 Forumite
I've just worked out mine and it's a sobering £35. It's lucky I love my flat a lot or I'd feel very shortchanged.
MFi3 member 105 - MFW date Oct 2023 - 12 years 9 months more
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£1 a day - so not too bad...0
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How do you work it out?
Is it your mortgage APR devided by 365 days, then add that to your mortgage remainder?
If so, mine is £11ish."I have enough money to last me the rest of my life, unless I buy something."0 -
£14.86 per day this month. Not sure whether that's the actual interest, or just an estimate to put a pretty figure in my online banking.0
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I worked it out by looking at my currently monthly interest figure from the whatsthecost.com site and then dividing it by 30.MFi3 member 105 - MFW date Oct 2023 - 12 years 9 months more0
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Mine's about £6.70 at the moment... My spreadsheet's not sophisticated enough to work it out accurately, but it gives me a new figure every time I make a payment.
Monthly payment is due tomorrow, plus a substantial overpayment, with another substantial overpayment to hit it as soon as we're into July, which will reduce the daily interest to (again a rough estimate) £6.62.
WOW, I'll be saving 8p a day!
Every little helps, as they say... especially given that even with approx £8.5k in overpayments made between now and December 1st (the day I come off my fixed rate) the jump in interest rates for which I'm currently budgeting is likely to add £1 a day to my interest _pale_
Operation Get in Shape
MURPHY'S NO MORE PIES CLUB MEMBER #1240 -
How do you work it out?
Is it your mortgage APR devided by 365 days, then add that to your mortgage remainder?
If so, mine is £11ish.
Can be.
Could be ((12x your monthly payment) - Balance at start of year + Balance at end of year)/365
Or could be like mine todays balance - yesterdays balance .
Depends on what info you have available.0 -
i don't have the balance to hand, so i reckon my theory is as close as it's going to be.
Earlier this month, the year's interest was £2.5k something!"I have enough money to last me the rest of my life, unless I buy something."0 -
Circa £14 per day - what a bargain!0
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Just another reason to overpay, that daily figure reduces!"I have enough money to last me the rest of my life, unless I buy something."0
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£8.73 for me. Calculated as: (today's balance * APR) / 365.25 which is how Nationwide work it out so it all balances out for leap years.
One of my real motivations for starting major overpayments last year was when I realised that the first hour I worked every day was paying the interest on the mortgage. I can't wait until that hour's all mine.0
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