How much am I paying off my actual mortgage each month?

first78

Is there anyway to see exactly how much of my mortgage I am paying off each month? I've got a mortgage with Platform and there is not option for an online account like I had with my previous mortgage. I would like to see each month how much I have left to pay...is there a way of doing this?

LRmortgage

They have to send you an annual mortgage statement by post, this should break it down for you. 

jord411

Hi

you can use this online calculator . 

It gives you the yearly balance and then if you go down also you can also get your monthly payment breakdowns
You just need your mortgage information 

I find it helpful when you go for a remortgage . 

https://www.mortgagecalculator.uk/

getmore4less

I did a handy table for the % of a payment that is capital for rate and  term left

Y\R	05	10	15	20	25	30
00.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
00.50%	97.53%	95.12%	92.78%	90.49%	88.25%	86.07%
01.00%	95.12%	90.49%	86.08%	81.88%	77.89%	74.09%
01.50%	92.78%	86.08%	79.86%	74.10%	68.75%	63.78%
02.00%	90.49%	81.89%	74.10%	67.05%	60.68%	54.91%
02.50%	88.26%	77.90%	68.76%	60.68%	53.56%	47.27%
03.00%	86.09%	74.11%	63.80%	54.92%	47.28%	40.70%
03.50%	83.97%	70.50%	59.20%	49.71%	41.74%	35.05%
04.00%	81.90%	67.08%	54.94%	44.99%	36.85%	30.18%
04.50%	79.89%	63.82%	50.98%	40.73%	32.53%	25.99%
05.00%	77.92%	60.72%	47.31%	36.86%	28.72%	22.38%

if you want the actual number you can use the PPMT excel function with more specific details

PPMT(rate/12; 1;  term left in months ;amount outstanding)

london21

first78 said:

Is there anyway to see exactly how much of my mortgage I am paying off each month? I've got a mortgage with Platform and there is not option for an online account like I had with my previous mortgage. I would like to see each month how much I have left to pay...is there a way of doing this?

Call them they will be able to tell you this instantly, or request a statement.

zagfles

It's easy to work out. (Mortgage rate/100) * the amount you owe / 12 is how much interest you're paying a month. Take that off what you're actually paying and that's how much you're paying off each month.

So if you owe £200k and the rate is 2% then interest is £333.33 a month, if you're paying £800 a month then you're paying off £466.67 a month.

It'll vary slightly each month if they adjust the capital owing with each payment, ie the amount owing would be £199,533.33 after the first payment, but the difference will be trivial unless your mortgage is very small.

Note: use the mortgage rate not the APR.

first78

zagfles said:

It's easy to work out. (Mortgage rate/100) * the amount you owe / 12 is how much interest you're paying a month. Take that off what you're actually paying and that's how much you're paying off each month.

So if you owe £200k and the rate is 2% then interest is £333.33 a month, if you're paying £800 a month then you're paying off £466.67 a month.

It'll vary slightly each month if they adjust the capital owing with each payment, ie the amount owing would be £199,533.33 after the first payment, but the difference will be trivial unless your mortgage is very small.

Note: use the mortgage rate not the APR.

Sorry, I can't figure this out from what you've written. Please could you explain how to work it out?

jord411

Example 
2% mortgage interest 
£200 000 amount owed on mortgage 

2 divided by 100 = 0.02

then you do 
0.02 times 200000 = 4000

then you do

4000 divided by 12 = £333.33 interest 

you subtract this final amount (£333.33) from your monthly mortgage repayments and this gives you how much you pay off your mortgage each month ( roughly as each month is will change as you would have a new mortgage balance )

if your mortgage is £900 a month 

£900 -£333.33 = £566.67 is what is coming off your mortgage balance .