How to calculate daily interest?

meeemee

Hi
Please could someone tell me how to calculate the daily interest I’m playing on my mortgage please? I’ve seen on the mortgage free dairies people aiming for set amounts but have tried to work it out but can’t! Thank you 

[Deleted User]

Calculate the daily rate from your APR and apply it to your daily balance.

However, you might prefer to just use a monthly rate for ease to get an idea of how it changes over the course of a year or longer.

getmore4less

APR is meaningless for mortgages because of the way it is calculated.

Flat rate/365 close enough

caeler

Posted by a fellow user and it helped me to calculate mine:
To work out your daily interest you need to multiply your balance by the interest rate as a decimal and then divide by the number of days. As an example, if your balance was £100k and your interest rate was 1.5% it would be:
100,000 * 0.015 = £1,500 per year
Divide by 365 for daily interest = £4.11
Divide by 12 for monthly interest = £125

meeemee

Thank you for explaining I will try that formular 👍

clueless_but_curious

I think this has been covered, but you should work out the interest between payments.  At each interval you will be able to use the amount borrowed, add the interest up to the next payment date.  Work out a daily interest from there 

meeemee

Thank you 👍