Fixed rate interest query

Mortinfo

Hi,

I am on a fixed rate mortgage. I pay the same monthly payment but looking at my mortgage statement the amount of that monthly payment that goes to pay the interest changes every month.

Without sounding absolute stupid is the correct

Thanks

[Deleted User]

If you are on a repayment mortgage, the amount of interest charged each month will decline at the balance goes down.

Changes in the number of days in the month cause additional fluctuations.

rtho782

Yes.

As the capital goes down each month, interest will be a lower and lower proportion of the payment.

This is why overpaying is so powerful.

enthusiasticsaver

As the balance of the mortgage reduces so does the interest.

Some months have more days in them than others.