mortgage payments

dd95

may be completely overthinking things here

say you had a 60k mortgage and paid 600 (including interest) per month. Would that 600 a month knock off the value of the mortgage or would it only be say 500 a month (with the other 100 being interest and nothing to do with the mortgage?

sorry if it's confusing im confusing myself!

strawb_shortcake

Whatsthecost website has a great tool for working thi out, unless you have a fantastic interest rate you'd pay more interest a.month than your example.

On my monthly mortgage repayment of £451 around £127 is interest, we've overpaid quite a bit so this has reduced significantly from what it was.

Moneyminded

The amount of interest you pay will depend on your interest rate, how many years are remaining on your mortgage and the amount you owe. You pay more in interest the first few years of your mortgage and this reduces over time.

You should be able to obtain a mortgage statement from your lender which shows how much of the capital you have repaid/ are repaying and how much interest you have paid.

getmore4less

depends on the interest rate how much is interest for the month, as the capital get paid off the interest goes down.

http://www.whatsthecost.com/mortgage.aspx

put in £60k set to interest only and set to £600, play with rate and term numbers.

read up amortization

getmore4less

Moneyminded wrote: »

The amount of interest you pay will depend on your interest rate, how many years are remaining on your mortgage and the amount you owe. You pay more in interest the first few years of your mortgage and this reduces over time.

You should be able to obtain a mortgage statement from your lender which shows how much of the capital you have repaid/ are repaying and how much interest you have paid.

Those 3 determine the payment.

The interest is only dependant on the amount and rate at any given time.