Interests payments on mortgage

kazire

Hi all thanks for reading, basically I maybe being totally stupid but here goes hopefully someone can explain it to me

So I have a fixed rate mortgage with the Halifax and the last few months I have been able to see these payments online.

I have previously used a calculator online to show intrest vs capital from each of my monthly payments. This showed that as I start to pay my mortgage off each month the intrest paid will be a few pounds less and the capital paied a couple of pounds more - I hope you get what I mean?

So when i look online
My intrest part of the payments has increased so


31 May 13 Interest 321.47

30 Apr 13 Interest 312.35

31 Mar 13 Interest 240.28

I am unclear as to what this means please is this right as I thought amount of intrest would be less each month but like I said before I might have got this completely wrong

Thanks k :o

InsertWittyName

Just checked mine and it looks similar, proportionally.

Note that interest is calculated daily, which explains the difference between April & May (30 days vs. 31 days, which is an extra day's interest).

Not sure why March seems so low though!

Suarez

March is low because that's when they changed the system. I think the interest is from the 6th/7th of March rather than the 1st so it is lower.

kingstreet

If you are paying in arrears, March interest was for February, so only 28 days. April's is 31 days for March and so on...