daily interest?

littlecat29

Hi can any one tell me how to work out the daily interest i was paying to what i am now paying bearing in mind my over payments?

I started overpaying at Jan 2010 with a balance of £105,480.59 and am now at £99,980.87!!!

im really pleased with my progress!

I have an interest only mortgage at 5.83% fixed until Feb 2012.

Thanks

littlecat

CLAPTON

well approximately

on a current debt of 99,980 you pay 99,980 x 5.83% /365 = £15.97 per day

as you pay each monthly installment the debt will reduce (asssuming the mortage isn't interest only)