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

Trying_to_be_good

Trying_to_be_good wrote: »

Added a new column to my spreadsheet to calculate the daily interest. And then had to do a new chart to show the drop!

At remortgage in Jul 07 £21.31, from Mar 09 (tracker rate cuts and overpayments) £1.82. :j

And from 1 Apr it'll be £1.05 - this overpaying lark really works! I changed the axis on my graph to be 'logarithmic scale' to show the low values in clearer detail, but it confused my poor little head. So now it just has the line getting very close to zero for a long time... I am a Maths nerd .

tsharp

I've started overpaying our mortgage with Nationwide. I asked for the term to be reduced, will I see this on the online statement, ie does the agreed redemption date recalculate with each payment, or not?

Does anyone have any experience of this?

prudence41

My daily interest is £13.74 at the moment. With my overpayments, I'm looking for this daily rate to come down.

uzubairu

tsharp wrote: »

I've started overpaying our mortgage with Nationwide. I asked for the term to be reduced, will I see this on the online statement, ie does the agreed redemption date recalculate with each payment, or not?

Does anyone have any experience of this?

I've done what you are planning to do.

You will see it online.
It doesn't recalculate automatically, but my agreed redemption date updates every couple of months.

hughmungas1986

My daily interest is now 64p, hope the interest rate doesn't go back up just yet.

hugh :j

setmefree2

Daily rate for March 2009 mortgage interest was £4.87:j This time last year was £25.09

Monthly charge was £151, this time last year was £778. Saving £627:T

A Big YAY

JHWilts

I wanted to change my mortgage payment date in order to save £11 a month - First Direct said it wouldn't make any difference as they would just change the interest calculated date! Nice hey? They asked me once if I intened to pay of my mortgage before the end date of 23 years - I said if I am lucky Oh Yeah!!!!!!!!!!!!!!!!!

hughmungas1986

JHWilts wrote: »

I wanted to change my mortgage payment date in order to save £11 a month - First Direct said it wouldn't make any difference as they would just change the interest calculated date! Nice hey?

Nice company that First Direct !!

Just read your sig, hope you get to 80k by the end of the year

hugh

mfwin2019

Just worked out mine £17.01 a day - thats a bit scary & what a waste of money.
But it does really motivate me to get the overpayments going

Peelerfart

Peelerfart wrote: »

Just done the sum and got £7.94 . I think thats a percentage drop pending though

Original post quoted above was from 18/12/08 .

Just done the sum again and it's £1.90

That's a good feeling :j