Mortgage statement - how is interest calculated

moneysaving_madman

Hi

I thought I posted this yesterday but cant find it, any help much appreciated.

We pay a fixed amount of £325 of on our mortgage at the beginning of the month and interest on the balance is added at the end of the month.

The mortgage is on a fixed rate.

My query is why does the interest payments flucuate each month rather than continuously going down. For example one month it is £250, 2nd month it is 260 and third month it is £247.

I am missing something, or should we find that the interest should be going down continuosly on the basis that payments > interest.

Thanks in advance

Sorry peeps, found the answer, i'd posted it on the wrong forum . . . cheers, for those interested it was on the basis of the number of days in the month

bridiej

Since you found the answer I've closed the thread