whats my daily interest

misspenny

how do you calculate what your mortgage interest is daily someone here once told me how but i forgot and cant find the original thread dispite serching.

financialbliss

I guess there’s no one answer, as it really depends on what information is available on a daily basis on-line from your mortgage provider.

It may be a case of simply making a note of your mortgage balance one day, logging in the following day and taking one from the other, but that’s providing your mortgage provider updates your account daily.

The following is biased towards Nationwide, mainly because I’ve a Nationwide mortgage.:D

Nationwide break mortgage information down into years, starting from January.

I’ve just logged in and it’s simply showing an interest value of 511.29. However, I took the interest on 31st January and it was 279.86.

So I can now determine:

• January: 279.86 / 31 ie daily interest of 9.03
• February: (511.29 - 279.86 ) / 26 ie daily interest of 8.90
• Average for year: 511.29 / (31 + 26) ie daily interest of 8.97

I plan on taking the interest value on the last day of each month during 2008, so I can see what progress I’m making on a month by month basis!

FB.

Trying_to_be_good

Or just take the balance of your mortgage, times it by the interest rate, and divide by 366 (as it's a leap year).

Anyone on interest only should be paying less daily interest this year than last or next because of the extra day tomorrow!!!