How do you work out the daily interest on the mortgage?

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skaps
skaps Posts: 2,255 Forumite
in Mortgage-free wannabe
Hi am using the excel spreadsheet for my mortgage overpayments but wanted to know how to work out the daily interest on my mortgage?
MFW 2016 No 68 £1300/£8500 No new toiletries Cook sth different

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  • chirpchirp
    chirpchirp Posts: 1,983 Forumite
    First Anniversary Combo Breaker
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    Formulas is interest rate x amount outstanding divided by 365
  • skaps
    skaps Posts: 2,255 Forumite
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    So mine would be 7.89x236000/365 = 5101? I don't think that is right
    MFW 2016 No 68 £1300/£8500 No new toiletries Cook sth different
  • shaven-monkey
    shaven-monkey Posts: 651 Forumite
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    your interest rate is 0.0789
    "Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves." - Norm Franz
  • skaps
    skaps Posts: 2,255 Forumite
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    Thanks shaven monkey. :o

    Its more like £51 per day in interest
    MFW 2016 No 68 £1300/£8500 No new toiletries Cook sth different
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
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    skaps wrote: »
    So mine would be 7.89x236000/365 = 5101? I don't think that is right

    As stated above, the interest rate is 7.89/100 = 0.0789.

    BTW, your interest rate is the highest mortgage rate I have ever seen. Some personal loans are lower. Can you reduce it?
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • skaps
    skaps Posts: 2,255 Forumite
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    No I am on a fixed term till October next year.
    MFW 2016 No 68 £1300/£8500 No new toiletries Cook sth different
  • chirpchirp
    chirpchirp Posts: 1,983 Forumite
    First Anniversary Combo Breaker
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    Sometimes it is worth ditching a fixed rate. Check out Martin's ditch your fix calculator.
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