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Interest on remortgage help needed please

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Hi, I’ve just swapped my old deal to a remortgage deal until July 2026. I understand the payment will be around £370 a month. I’m trying to figure out how much interest per month I’d be paying if anyone can help me. I’m at £22,400, 5.05% and have 5 years 10 months left. If I can find out the interest then I can work out overpayment amounts. I THINK it’s around £95 a month based on 22,400 x 5.05%x30 days /365. Am I around the right number? Thanks 
Mortgage Balance May 25- £9975. Planning to be paid off by Dec 25🎄

Comments

  • Ayr_Rage
    Ayr_Rage Posts: 2,718 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    You need to enter your figures into a repayment calculator.

    The amount of interest decreases each month as a payment comprises of both capital and interest on a normal mortgage.
  • TrickyDicky101
    TrickyDicky101 Posts: 3,529 Forumite
    Part of the Furniture 1,000 Posts
    moomi said:
    Hi, I’ve just swapped my old deal to a remortgage deal until July 2026. I understand the payment will be around £370 a month. I’m trying to figure out how much interest per month I’d be paying if anyone can help me. I’m at £22,400, 5.05% and have 5 years 10 months left. If I can find out the interest then I can work out overpayment amounts. I THINK it’s around £95 a month based on 22,400 x 5.05%x30 days /365. Am I around the right number? Thanks 
    Yes - so £370 less your monthly interest estimate (22.4k * 5.05% /12) will be the amount of capital you pay down against the outstanding balance each month.  As Ayr_Rage states the interest vs capital will adjust each month but for the first year or so differences aren't going to be that significant.
  • BikingBud
    BikingBud Posts: 2,530 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Try here to develop your own checker: http://www.locostfireblade.co.uk/spreadsheet/Index.html


  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The interest is £94 give or take, so the bulk of your monthly contribution is repaying capital.

    To settle in 5 years pay £423, 4 years £516,  3 years £672

    You will save about £600 for each year ahead of the current target.




    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • moomi
    moomi Posts: 339 Forumite
    Part of the Furniture 100 Posts Photogenic Combo Breaker
    amnblog said:
    The interest is £94 give or take, so the bulk of your monthly contribution is repaying capital.

    To settle in 5 years pay £423, 4 years £516,  3 years £672

    You will save about £600 for each year ahead of the current target.




    Could you possibly provide me with approximate figures of how much I’d need to pay it off by July 31st 2026? Thanks so much 
    Mortgage Balance May 25- £9975. Planning to be paid off by Dec 25🎄
  • silvercar
    silvercar Posts: 49,531 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    moomi said:
    amnblog said:
    The interest is £94 give or take, so the bulk of your monthly contribution is repaying capital.

    To settle in 5 years pay £423, 4 years £516,  3 years £672

    You will save about £600 for each year ahead of the current target.




    Could you possibly provide me with approximate figures of how much I’d need to pay it off by July 31st 2026? Thanks so much 
    Roughly speaking a little over £900.
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