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

pammyj74

started last year at 13.89 and in march this year when it goes to svr 3.5% it will be £7.88 wish it was £1 like some of you lol

mustafa_say_ving

Just £1.56 a day here

Little_Mama

abouttimetoo wrote: »

I see I made the above post 18th December 2008 (sorry for being a nerd and finding my orginal post )

Lol! I was being nerdy too.....safety in numbers eh?

LM

empy

Hi I just want to shock myself into reality! Could someone who is a bit more mathmatically minded then myself please workout how much I am paying interest for my house a day, my mortgage is £325,000 on a tracking mortgage of 2.02%!!!!!

empy

Many thanks

mustafa_say_ving

I make it roughly £17.98 a day for you empy ....maths never was my strong point though

Nice_guy

When we took our first mortgage out approx 2.5 years ago we were paying £725 pm on a fixed rate of 5.59% for £117,500. Two years later when changing our mortgage our mortgage balance had reduced to approx £113000. Meaning over the two years mortgage payments (£17,400) only £4500 had gone towards paying off the capital. Leaving £12,900 paid in interest!!! £17.67 per day - OUCH.

After finishing the 2 year fix (6 months ago) we transferred our £113k mortgage over to First Direct's offset @ 2.99%. In the 6 months of having the mortgage we have paid a total of £561.26 in interest, £3.08 per day. Our next months statement should show interest paid for the month of approx £24, £0.80 per day.

It was only when finishing the 2 year fix did I sit down and work everything out properly, the amount we had paid in interest over the 2 year fix was unbelievable, hence I started my journey to become MF by 30 years of age (28 years old on Friday!) Hopefully with the way things are going we will be MF next year (fully offset).

I hope others work out their daily interest and it drives/motivates them to try to do something about it!

ixwood

empy wrote: »

Hi I just want to shock myself into reality! Could someone who is a bit more mathmatically minded then myself please workout how much I am paying interest for my house a day, my mortgage is £325,000 on a tracking mortgage of 2.02%!!!!!

empy

Many thanks

It's £17.97 per day. To work it out you do:-

Amount owned * the percentage rate (as a decimal) = Interest paid per year.

Then divide that by 365.25 (365 days in the year and 1/4 of a day every year to allow for the leap year 1 year in 4).

So in your case:- 325000 * .0202 / 365.25

That 's a scary mortgage btw. Though I assume you've got a monster salary to support it, so probably less scary.

originalmiscellany

I think we pay £2.82 interest a day, which is as you say sobering - although by no means a huge amount, it's not a small amount either - It could buy me a pint every day if I cleared the debt!

l33na

£2.74 a day

mummyofonechild

We owe £8000 and pay 4.24% so how much interest to i pay each day?