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    • Mortinfo
    • By Mortinfo 6th Mar 18, 9:07 PM
    • 3Posts
    • 0Thanks
    Fixed rate interest query
    • #1
    • 6th Mar 18, 9:07 PM
    Fixed rate interest query 6th Mar 18 at 9:07 PM

    I am on a fixed rate mortgage. I pay the same monthly payment but looking at my mortgage statement the amount of that monthly payment that goes to pay the interest changes every month.

    Without sounding absolute stupid is the correct

Page 1
    • zx81
    • By zx81 6th Mar 18, 9:10 PM
    • 16,034 Posts
    • 17,014 Thanks
    • #2
    • 6th Mar 18, 9:10 PM
    • #2
    • 6th Mar 18, 9:10 PM
    If you are on a repayment mortgage, the amount of interest charged each month will decline at the balance goes down.

    Changes in the number of days in the month cause additional fluctuations.
    • rtho782
    • By rtho782 6th Mar 18, 9:10 PM
    • 1,061 Posts
    • 774 Thanks
    • #3
    • 6th Mar 18, 9:10 PM
    • #3
    • 6th Mar 18, 9:10 PM

    As the capital goes down each month, interest will be a lower and lower proportion of the payment.

    This is why overpaying is so powerful.
    Deposit Saved since 01/12/15: £13,000 / £15,000 House Bought!

    Debt Cleared since 01/12/15: £6,000 / £7,500
    • enthusiasticsaver
    • By enthusiasticsaver 6th Mar 18, 9:25 PM
    • 5,954 Posts
    • 11,858 Thanks
    • #4
    • 6th Mar 18, 9:25 PM
    • #4
    • 6th Mar 18, 9:25 PM
    As the balance of the mortgage reduces so does the interest.

    Some months have more days in them than others.
    Debt free and mortgage free and early retiree. Living the dream

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