Can someone please help me work out interest

financegirl

Hi there,

I've just phoned northern rock and they say they can't tell me how much interest I'm paying on my loan each month.

I took out a £20,000 loan over 10 years. The interest rate is 7.9% and I pay £239 each month. Can anyone please tell me how mcuh interest I am paying each month please

many thanks

Robert_Sterling_3

The reason the can't tell you the amount you pay in interest each month is because the amount changes each month and there are 120 different answers.

The approximate amount of interest paid for 120 months is as follows :-

£127.13
£126.42
£125.70
£124.98
£124.26
£123.53
£122.79
£122.05
£121.31
£120.56
£119.81
£119.05
£118.29
£117.52
£116.75
£115.97
£115.19
£114.40
£113.61
£112.81
£112.01
£111.21
£110.39
£109.58
£108.75
£107.92
£107.09
£106.25
£105.41
£104.56
£103.71
£102.85
£101.98
£101.11
£100.23
£99.35
£98.46
£97.57
£96.67
£95.77
£94.86
£93.94
£93.02
£92.09
£91.16
£90.22
£89.27
£88.32
£87.36
£86.40
£85.43
£84.45
£83.47
£82.48
£81.48
£80.48
£79.48
£78.46
£77.44
£76.41
£75.38
£74.34
£73.29
£72.24
£71.18
£70.11
£69.04
£67.96
£66.87
£65.78
£64.68
£63.57
£62.46
£61.33
£60.20
£59.07
£57.92
£56.77
£55.61
£54.45
£53.28
£52.10
£50.91
£49.71
£48.51
£47.30
£46.08
£44.85
£43.62
£42.38
£41.13
£39.87
£38.60
£37.33
£36.05
£34.76
£33.46
£32.15
£30.84
£29.51
£28.18
£26.84
£25.49
£24.14
£22.77
£21.40
£20.01
£18.62
£17.22
£15.81
£14.39
£12.97
£11.53
£10.08
£8.63
£7.16
£5.69
£4.21
£2.71
£1.21

financegirl

thank you carol vorderman!!!

Robert_Sterling_3

She could be my daughter. :eek: :eek: :eek:

Robert_Sterling_3

Repayment mortgages always start off by being mainly interest and end up by being mainly repayment of capital.

kpt_2

If you pay it off in equal installments, interest amount changes every month. You can always use an online calculator, for example this one:
http://www.yourloancalculator.com
it shows you payment schedule on which you can see interest amount for every installment.