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Interest payments
Sunrise27
Posts: 42 Forumite
So I have a mortgage of £14300 ( ish ) for 9 years and 10 months fixed for 3 years at 1.69%
My payments are £130 ( ish ) per months . Just waiting for the final figures
How much of this payment will be interest and how much per month will actually be paid off the mortgage
Thanks in advance
My payments are £130 ( ish ) per months . Just waiting for the final figures
How much of this payment will be interest and how much per month will actually be paid off the mortgage
Thanks in advance
0
Comments
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Your payment schedule will give you the breakdown, once you get it.
You can put in the numbers in a mortgage calculator like this one:
https://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator/
And see the remaining debt after each period.0 -
About £20 per mth is interest at the moment.0
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That is a brilliant calculator thank you0
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£14300 x 1.69% = £241.67 per annum.
£241.67 / 12 = £20.14 per month.
Therefore, the current payment is made up of £20.14 interest and £110 reducing the capital.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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