How to calculate repayments?

its_smee

Hi sorry to sound thick here, but every mortgage calculator I come across calculates monthly repayment as interest calculated daily, I've applied for a mortgage with interest calculated annually, how do I work out the repayment? is it mortgage amount + interest / 12?

Thanks in advance

its_smee

Now showing my blonde side! I meant mortgage amount / term + interest / 12!

harvey115

Hi

I think this thread should be very helpful, you can use the spreadsheet posted by locoblade (its very useful):

https://forums.moneysavingexpert.com/discussion/1157173

its_smee

Thanks I'll take a look at that