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How do you calculate the daily interest rate on your mortgage?
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joshiesaunt
Posts: 130 Forumite
I have begun to make little overpayments to my mortgage. How do you calculate the daily interest rate please. It is £228,500 over 19 years at 1.99% currently paying £1,170 per month.
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Comments
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Assume you mean daily interest charge .
228,500 times 0.0199 divide by 365 = £12.46p a day0 -
Daily interest changes each month as your capital balance outstanding reduces each month. The above calculation works for an interest only mortgage and will give you the rough ballpark for a capital repayment mortgage0
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Thank you both.0
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