Actual intrest paid on monthy payment..

massa247

Borrowing £48,000 over 15yrs..with a fixed rate of 5.990% for the first 5yrs..& my monthly payments for the first 5yrs being £402.91..Can anyone tell me how much per month i'm actually paying towards the Bricks/Mortar? and how much per month is just intrest on the Loan? It's a Repayment Mortgage.

Any Info would be Great thanks..

M

roswell

opps my mistake ignore my post

MarkyMarkD

It's easy enough to work out for the first month ... £48k x 5.99% / 12 = £239.60, so that's the interest and the capital is the remaining £163.31.

The capital element will increase, slowly as the interest element falls.

massa247

Cheers Mark..

M

auntie_brenda

MarkyMarkD wrote: »

It's easy enough to work out for the first month ... £48k x 5.99% / 12 = £239.60, so that's the interest and the capital is the remaining £163.31.

The capital element will increase, slowly as the interest element falls.

Remember though that the capital element will increase v slowly at first. Your daily interest is £7.73 (assuming 31 days, although should really multiply by 12 and divide by 365 and multiply by days in month ) and the hourly rate is 32p........ It was the daily rate that finished me off. |Seems much more than the monthly rate somehow