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Mortgage interest calculation
andy_geo
Posts: 9 Forumite
I have a tracker mortgage with NatWest. This month my monthly payment was reduced due to the rate cut however the amount of interest I paid was bigger that any of the last three months. Not sure how NatWest worked that out, I would expect my interest to be reduced not the capital. repayment!
Is there any way to calculate how much my interest should be? I had a web chat with a very unhelpful person at NatWest who could not provide any answers.
Is there any way to calculate how much my interest should be? I had a web chat with a very unhelpful person at NatWest who could not provide any answers.
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Comments
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Google amortizization calculator, some of them will give you a month by month breakdown.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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.0
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Days in the month. Date when monthly payment credited to the mortgage account made. Can have an influence on the mount of interest charged.
In principle interest is calculated daily and charged monthly.1
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