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

Kez100

to be a fair comparison they need our ages too!

phizzimum

longway2go wrote: »

OUCH!!
Um - what can I get with my £1.77!!:rotfl::rotfl:

put it straight into your mortgage pig of course! :rotfl:

Bargain_Rzl

Mine's £5.08 at the moment - I know because it's the first day of the year and I've got an interest charge of £5.08 showing on my online 2009 statement

I should get that down quite a bit soon - once the fixed rate on my savings account ends in Feb it's all coming off the mortgage.

misskerryann

Hi

Could someone explain how to calculate this again please, as the last calculation brought me up as £82 a day!

Please help!

I think I need to start overpayments!

belfastgirl23

Hi

I calculated it by taking the sum owing (210000), dividing by 100 and multiplying by my interest rate (which is 5.47%) to give my yearly interest. Then I divide that by 365 to give a daily rate.

Mine is now £31.50 which is depressing but it was more like £35 before I started my OPs so there is a silver lining

misskerryann

Great, thanks for that.

A little better now at £30.62 per day!

Still a lot, I will use this as a tool to convince the boyfriend to start overpayments.

I have a question:

Is it better off buying the most expensive house you can buy (200k) or getting a house for £100k and making overpayments?

seikothrill

Based on BelfastGirls calculation I am paying £6.99 per day

belfastgirl23

misskerryann wrote: »

Great, thanks for that.

A little better now at £30.62 per day!

Still a lot, I will use this as a tool to convince the boyfriend to start overpayments.

I have a question:

Is it better off buying the most expensive house you can buy (200k) or getting a house for £100k and making overpayments?

Best to buy the house you want and can afford IMHO - saves you from incurring moving costs in a couple of years. If the house you really want costs 100k why go for more? But if you want and can afford the 200k then go for that....

just my opinion, I know some others have strong feelings about stretching yourself financially for mortgages...

uzubairu

belfastgirl23 wrote: »

Best to buy the house you want and can afford IMHO - saves you from incurring moving costs in a couple of years. If the house you really want costs 100k why go for more? But if you want and can afford the 200k then go for that....

just my opinion, I know some others have strong feelings about stretching yourself financially for mortgages...

Good advice.

I would also add that you consider the affordability if interest rates increased a little or if you were to start a family and income decreased.

When we took out our mortgage in 2006, although it was a joint application, we looked at payments that could be afforded on just my OH's income (main income), so we have been able to overpay for the last 2 years with my income.

If things were a little tight we would stop the overpayments first.

cake21

cake21 wrote: »

£26.17 per day at the beginning of the year :eek: :eek:
Since I've started overpaying, got it down to £23.59 per day, every little helps! :j

That was last September, now down to £13.26 per day - interest rate cuts, not amazing overpayments