KFI Summary of Mortgage Payments

TheDan

I've been offered 2 new tracker mortgages for a house I intend buying - Accord's KFI (85%LTV, 4.39% 2-yr tracker) has a summary of payments telling me how my payment is broken down every month so I can see how quickly I'm repaying the principal.

However, the Nationwide mortgage (90%LTV, 4.63% 2-yr tracker) doesn't have such a thing, making it a little difficult to do the comparison.

Anyone know how I can work it out myself? Bit geeky I know but I've been trying to do it on Excel and, frankly, high school maths fell out of my head a long time ago!

_Andy_

google 'amortization calculator'

Ps nothing wrong with being geeky

getmore4less

higher rate costs more for same money borrowed.

What the followon and the fees

bzd

TheDan wrote: »

I've been offered 2 new tracker mortgages for a house I intend buying - Accord's KFI (85%LTV, 4.39% 2-yr tracker) has a summary of payments telling me how my payment is broken down every month so I can see how quickly I'm repaying the principal.

However, the Nationwide mortgage (90%LTV, 4.63% 2-yr tracker) doesn't have such a thing, making it a little difficult to do the comparison.

I can view my NW mortgage online. The online statement shows me

the balance (how much I owed) at the beginning of the year,
monthly total payments,
total interest charged for the year so far, and
the current balance (how much I owe now).

If you make a note of each month's current balance and total interest you'll be able to see how much of the principal is being paid and how much interest is being charged each month (the monthly breakdown doesn't seem to be available in retrospect).

If you're just interested in your current balance then all you need is already there (online -- I don't get paper statements with this on).

Possibly you may need to have a flexaccount (no bad thing for overseas spending) to get online access.

Cheers,

Ben