We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Payments don't add up

gardenbug
gardenbug Posts: 2 Newbie
in Mortgages & endowments
Can anyone tell me why when i enter my mortgage amount and current rate into mortgage calculators that they state i should be paying less than i actually am? Am i being ripped off by my mortgage provider?
Many thanks

Comments

  • Southend1
    Southend1 Posts: 3,362 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker
    Have you input the correct term remaining?
  • ACG
    ACG Posts: 24,689 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Mortgage calculators are a rough guide.
    Interest on your mortgage can be charged daily, monthly or annually (it should tell you on the offer and KFI).

    It will also depend on the date you pay your mortgage.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Have you entered the actual balance you owe including accrued interest?
  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    The controls and cross checks applied both internally and externally (FCA etc) on lender calculations are many, many times greater than forany 'internet mortgage calculator' you may stumble across.


    I could 'knock together' a calculator or link to many options (all of which will work differently) and have on my website(s) this afternoon - it/they would be worth 'dibblysquab'.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    What was your original mortgage
    Date Terms Rate Amount owing payment

    What are your current numbers.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.1K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture