What does "payments and interest applied" means

siliconbits

Got my annual mortgage statement from HSBC. Looked at the pament information

The bulk of the document is made up of four columns. The first one being the date, the second one payment due, the third one payments received and the last one "payments and interest applied".

I can work out what the first 3 columns mean but am at lost as to the last one especially given that that amount varies marginally.

Also I am at lost to explain why the remaining term of my mortgage hasn't bulged at all even though I am overpaying by a whopping 20 per cent.

opinions4u

It sounds like the fourth one is interest charged for the accounting period in question. It will vary with debt size and number of days.

Your term remains the same. But overpayments should mean no debt long before you get to the contractual end of the mortgage.