Are my mortgage payments calculated correctly?

565373

I have a mortgage with a Spanish bank on a Spanish property.
(I used to be able to view my schedule of payments and balance online, but the original bank has been taken over by another bank and their online banking doesn't support this).


I took the loan out in October 2005 and borrowed 88,000 euros over 25 years.
It is a variable rate mortgage and the interest rate is reviewed each October and is based on the average of the preceeding three months up to October each year.
I have managed to make extra overpayments over the last few years and the outstanding balance is now 18,666 euros.

The remaining term is (51 monthly payments )until May 2017.

Currently the interest rate is 3.724% and my monthly payment is currently 403.14 euros per month.

I've made some :think:rudimentary calculations and I think there may be a discrepancy in my monthly payments/ term.

Can anyone help me on this please?

lee111s

What do you think is the issue?

565373

I think I am paying a little too much each month,
say if the interest rate stayed the same (hahaha) then 51 multiplied by 403.14 isn't 18666 euros it's appx 20500...

I noticed a discrepancy in my interest rate and monthly payment when using MSE early repayment calculator.

dotdash79

You have intrest to pay on that 18666 in the final 4 years it won't be much but it will add a bit.

dotdash79

Balance will be the capital outstanding not the intrest