Monthly mortgage repayments

green_76

I have the current interest rate and balance of my mortgage.
I can roughly calculate the monthly interest amount.
I phoned the mortgage provider (bank) and asked what rate the capital or total monthly repayment amount is calculated but they couldn’t say and the mortgage advisor thought it was strange I wanted to know.
Since my fixed rate has ended I am paying about half the amount of capital per month.

Is it unusual that they were unable to say at what rate the capital is paid off?

CliveOfIndia

It's probably because it's variable.  Towards the start of a mortgage (or any loan) most of your monthly payment goes towards interest, with only a small amount of the capital getting paid off.  Over the term of the loan this gradually reverses, and in the latter stages you are paying less interest and more off the capital every month.

This isn't, as some believe, front-loading of interest.  It's simply the way the maths works out.  As the capital gradually reduces so the interest on the (reduced amount of) capital also reduces.  So more of your fixed monthly payment goes towards the capital.

Dave_5150

green_76 said:

I have the current interest rate and balance of my mortgage.
I can roughly calculate the monthly interest amount.
I phoned the mortgage provider (bank) and asked what rate the capital or total monthly repayment amount is calculated but they couldn’t say and the mortgage advisor thought it was strange I wanted to know.
Since my fixed rate has ended I am paying about half the amount of capital per month.

Is it unusual that they were unable to say at what rate the capital is paid off?

If you subtract that interest figure from your monthly payment then then remainder is paying off the mortgage balance