How do you calculate which part of the mortgage repayment is interest?

JennyP

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

canardo

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 mortgage

Bernard_Coleslaw

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.

JennyP

I like the idea of the second one too!
Can you please let me know when you've done that?

HelpWhereIcan

an amortization calculator such as http://www.hsh.com/calc-amort.html will give you a good idea.

JennyP

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!