Mortgage Amount Increased?

matimage

Hi,
I have just figured out how to access my mortgage online becuase I make small overpayments here and there and I think its good for the soul to see it reducing bit by tiny bit.
Anyway, I checked the amount on 11th (last Thurs) and the amount was £151,862.83. I have just been to the bank and put £32 in (from Bacon the mortgage pig! thx) and got home and checked the amount online and its gone up to 152,094.47??
How could it have possbily gone up? Is this something to do with the interest rates and the fact the interest is calculated daily so they have dumped that on the overall amount?
Hopefully someone here could shed some light so I don't have to spend time and money calling my mortgage peeps.
Many thanks,
M

herbiesjp

Each day your mortgage is outstanding it has interest added on to the outstanding amount - that is until the next payment goes out.

Then the process starts again, and interest is added on daily until the next payments goes out.

The further into the mortgage term you are, the lower the amount of interest being added back on, and more of your monthly repayment is reducing the capital.

This is for a repayment mortgage