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

CopperPlate_2

Cool thread - suppose there is motivation in getting the daily figure down as low as possible. I'm currently at £13.02 but with an offset mortgage this can fluctuate each month depending on how much other cash there is sloshing around waiting to get spent...!

eeyorerules

Hi everyone,

I'm on a Nationwide mortgage and I go online on the first and second banking days each month and the difference between the balance o/s each day gives me the figure for the daily interest.

I have kept a note each month from we took out the mortgage in July 06 (18.04 per day) - it peaked in Sept 08 when we remortgaged and our tracker was higher (23.67 per day) - until the present month (now 11.75 per day). I have made some small overpayments (from £2 coins saved) and I like to think of the overpayment in terms of how many days interest I have saved. I am hoping with the lower rates at the minute I can start to increase the overpayments and my incentive each month will be to see the daily interest payments reduce. I wonder how long it will take to get to under £10 per day? I must try and work backwards to see what balance I need seeing as my interest rate is not reducing any further with Nationwide! Currently 2.98 so its not too bad.

eeyorerules

Thanks belfastgirl23 for your calculation.

I have now been able to work out that I need to reduce my mortgage balance o/s by .....£21,490 :eek: in order to reduce the daily interest to under £10 per day! Before coming on here this evening I hadn't been thinking in that direction - a bit of a challenge to consider!

Little_Miss_Saver

Just worked mine out and it's £13.27 per day!

This should keep me motivated to make my overpayments.

LMS xx

zag2me

£8.72 a day for me.

warrior_princess

we were paying about 23£ earlier.......but thanks to our diligent offseting and interest rate cuts its down to £13.30 AS OF 1/1/09:T

hughmungas1986

hughmungas1986 wrote: »

Currently it is 3.25 per day, but it drops to 2.25 in January

Hope everyone has a great christmas

hugh

Good morning all,

Well, I was slightly out it is currently 2.23 per day, but my rate drops again next month so it could get below 2.00 per day, fingers crossed.

hugh:j

Spud_2

Roughly £3.33 a day :j

Jennifer_Jane

£2.33 a day.

I will pay it off between now and when I get my retirement lump sum.

Jen
x

Mr_Pickwick

Approximately £2.24 per day.