Interest on remortgage help needed please

moomi

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 

Ayr_Rage

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

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

Try here to develop your own checker: http://www.locostfireblade.co.uk/spreadsheet/Index.html

amnblog

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.

moomi

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 

silvercar

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.