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How do you calculate which part of the mortgage repayment is interest?
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JennyP
Posts: 1,067 Forumite


I'd like to calculate how much of my loans and mortgage repayments are interest each month and how much are actually repayments? Is there a way of doing this? I've searched on google, but the mortgage repayment calculators just tell you your total repayment and don't show you how the repayment part increases over time as the interest part decreases?
Any ideas?
Thanks!
Jen
Any ideas?
Thanks!
Jen
0
Comments
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Ill have a look for you as just been writing some software relating to similar ideas
just posted it at http://forums.moneysavingexpert.com/showthread.html?t=391884
The other one I think I am going to add is, how much would what I am about to spend be worth if I paid it of my mortgage0 -
A rough and ready way of doing it would be to get your mortgage capital balance outstanding, multiply it by the interest rate percentage and divide this number by twelve to get your monthly interest payment.
As your balance reduces, so does the element of your monthly payment that represents interest.Everyone needs something to believe in.
I believe I need another beer.0 -
I like the idea of the second one too!
Can you please let me know when you've done that?0 -
an amortization calculator such as http://www.hsh.com/calc-amort.html will give you a good idea.I am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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HelpWhereIcan wrote:an amortization calculator such as http://www.hsh.com/calc-amort.html will give you a good idea.
That's EXACTLY what I was looking for! Thank you!0
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