Feels like an impossible task...

mbbetter

Fantastic work - great overpayments, congratulations.

Sounds like you are very motivated, will be following your diary with interest (the good type of interest, not the -% type )

Cheers,

kiran83

hi everyone, can anyone explain to me how i can calculate the daily interest on my mortgage?

thanx

wantabetterlife

Hi kieran, you will need to know your outstanding amount owed and your interest rate.
say for example you owe 100,000 and your interest rate is 4.99
Divide 100000 by 100 and multiply this by 4.99 = £4990 (yearly interest)
To get the daily interest divide this figure by 365 (days in the year)
£4990/365 = £13.67 per day. Hope that helps

EDIT
Just seen your outstanding balance in signature and interest rate in initial posts so have worked it out for you

£184619/100 X 2.49 = £4596/365 =

£12.59 per day

BTW before you made any o/p you were paying £13.11, so you are saving yourself 52p a day

kiran83

Hey wantabetterlife, thanks for the formula. sounds really simple the way you explained it! I worked mine out to be £12.59 a day... thats after overpayments of £7,800 so far this year!

Thanks again
xxx:j

drewwa

The daily cost is an eye opener. In 2007 I was paying £28.70 a day. Now it's only £2.79!

Cheers,

Drew.

kiran83

Drew- wow, that is amazing!!!! its a real eye opener! it defo spurs you on to make more ops doesn't it?! i dont want to be paying the bank endless interest so its motivated me even more to make ops!

hope everyone is doing well!

kiran
xxx

kiran83

The good news this month is that I got paid today! yey! So I have just made an online payment of £1700 op into our mortagage but the bad news is that for some reason i seem to have crept back to my old habits of buying lunch at work and not taking the extra 10 mins to make it myself at home. Also i just seem to have had a spend spend spend month....... hence my credit bill is now £140 instead of the usual £40...

I am really disappointed that we were not able to make a £2,000 op this month, but i did get paid slightly less this month because i didnt do many weekends at work in Feb.

I hope everyone else is making positive inroads into their mortagages!

tc

:j

hillcats

Just one small Q if I may?
I didn't notice in your first post if you have any life insurance or not...

kiran83

hi hillcats, shamefully no we don't have life insurance. My hubby does have medical insurance but its just one of those things i keep putting off and search for a good deal....

where does everyone search for life insurance???

kiran83

i have just phoned the mortagage company to make sure my op has hit our account, and it has, so i have updated my signature!

I worked out that my daily interest has gone from £12.59 to £12.44 a whole 15p saved every day! sounds lously seeing that i made a £1700 op but i guess we are in this for the long term, so every little bit makes a difference...

must try to keep up the hard work, even when we are feeling like splurging!