How much interest do you pay on your mortgage per day?

esthomizzy

I've just worked out mine and it's a sobering £35. It's lucky I love my flat a lot or I'd feel very shortchanged.

nomoneytoday

£1 a day - so not too bad...

tsharp

How do you work it out?

Is it your mortgage APR devided by 365 days, then add that to your mortgage remainder?

If so, mine is £11ish.

biscit

£14.86 per day this month. Not sure whether that's the actual interest, or just an estimate to put a pretty figure in my online banking.

esthomizzy

I worked it out by looking at my currently monthly interest figure from the whatsthecost.com site and then dividing it by 30.

Bargain_Rzl

Mine's about £6.70 at the moment... My spreadsheet's not sophisticated enough to work it out accurately, but it gives me a new figure every time I make a payment.

Monthly payment is due tomorrow, plus a substantial overpayment, with another substantial overpayment to hit it as soon as we're into July, which will reduce the daily interest to (again a rough estimate) £6.62.

WOW, I'll be saving 8p a day!

Every little helps, as they say... especially given that even with approx £8.5k in overpayments made between now and December 1st (the day I come off my fixed rate) the jump in interest rates for which I'm currently budgeting is likely to add £1 a day to my interest _pale_

biscit

tsharp wrote: »

How do you work it out?

Is it your mortgage APR devided by 365 days, then add that to your mortgage remainder?

If so, mine is £11ish.

Can be.

Could be ((12x your monthly payment) - Balance at start of year + Balance at end of year)/365

Or could be like mine todays balance - yesterdays balance .

Depends on what info you have available.

tsharp

i don't have the balance to hand, so i reckon my theory is as close as it's going to be.

Earlier this month, the year's interest was £2.5k something!

epsilondraconis

Circa £14 per day - what a bargain!

tsharp

Just another reason to overpay, that daily figure reduces!

SoozyJ22

£8.73 for me. Calculated as: (today's balance * APR) / 365.25 which is how Nationwide work it out so it all balances out for leap years.

One of my real motivations for starting major overpayments last year was when I realised that the first hour I worked every day was paying the interest on the mortgage. I can't wait until that hour's all mine.