Mortgage rate query

jeferey

I've done a spreadsheet for mine.
Your monthly payment is (1.39% divided by 365 days multiplied by no. of days in previous month). This is why your March payment is lower as it is based on 28 days in Feb.

Your Feb interest is the balance from Jan (£60706.03) x 0.0139 / 365 x 31 = £71.67.

Assuming you have a full repayment mortgage like mine:

Your March interest should have been (£60513.36 your new balance being £60706.03 - £264.34 payment + £71.67 interest) x 0.0139 / 365 x 28 (days in Feb) = £64.53.

Your April interest should have been (£60313.54 your new balance being £60513.36 - £264.34 payment + £64.53 interest) x 0.0139 / 365 x 31 (days in Mar) = £71.20.

According to my spreadsheet, if the interest rates stayed where they are (unlikely in long run!), you will pay your mortgage off in May 2032. I'm guessing you started your mortgage in 2007 making it a 25 year term.
Is this anywhere near?

getmore4less

Don't forget some lenders may only add interest on a working day so it will depend when the weekends are on how many days interest is added each month.