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Calculating 1st Mortgage Payment
schuey87
Posts: 60 Forumite
I am completing a remortgage on 14th of this month.
Total mortgage amount will be £196,133 at an interest rate of 2.59%.
My first payment is due on 1st of November and from talking to the company they advise me that I will have to pay 1st payment plus the interest component of the loan between 14th October - 1st November (18 days worth).
How do I calculate what this will be? Or can someone point me in the direction of an online calculator which I can stick these numbers in to calculate the amount of interest due for 18 days - I googled but couldn't find one!
Total mortgage amount will be £196,133 at an interest rate of 2.59%.
My first payment is due on 1st of November and from talking to the company they advise me that I will have to pay 1st payment plus the interest component of the loan between 14th October - 1st November (18 days worth).
How do I calculate what this will be? Or can someone point me in the direction of an online calculator which I can stick these numbers in to calculate the amount of interest due for 18 days - I googled but couldn't find one!
0
Comments
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http://www.pine-grove.com/online-calculators/compound-interest-calculator.htm
I found this (looking at it as an investment from the perspective of the mortgage company, no matter which interest option I use - simple, annual, monthly etc) if I plug all the figures into it, then it looks like they would make ~ £249 over those 18 days so I expect that will be what my interest payment will be for those 18 days right?0 -
£250.51 + normal monthly payment.
£196,133 x 2.59% = £5,079.84 / 365 = £13.917382 x 18.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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