Mortgage payment calculations

cheesywotsit27

I'm feeling a bit dumb, and before I approach my mortgage company for help I thought I would post on here to see if anyone has an obvious answer which I, as someone not very good with numbers / percentages / how interest is calculated, have not seen. I currently have a mortgage which, as at 31st Dec 2012 stood at £78559.06 with another 16 years to run. The interest rate is 2.5% and the monthly repayments on this have been calculated as £556.86. If, however, I enter the above details into any online mortgage calculator (including the one used by my mortgage provider), the system tells me that with such details I should be repaying £496 monthly. Is there something really obvious that adds on the extra £60? I don't want to look like an idiot when I waltz into Nationwide to ask what's going on!

Calfuray

Remember that the calculator runs in whole years, so if there is 32.5 years to run and you've put in 32 (for example), that could throw you out.

Also, was there maybe a product fee that was added to the mortgage?

cheesywotsit27

Nope - I've used the figures from the last statement; so that was the sum to repay when it stood at exactly 16 years. No product fee, because it just moved from a 5 year fixed onto the standard variable rate when the fix ran out.