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

originalmiscellany

pennies if it's only 8,000 you owe:)

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:- 8000 * .0424 / 365.25

which I think is 9p a day interest!

You lucky thing

mummyofonechild

Thank You

coldstreamalways

I'm glad you posted the correct wat to work it out as I was paying interest with several noughts on the end!! Even now it's massive and I can't bring myself to write it down. It's down about 65p from the last statement though.

alwaystryyourbest

:)Hi not to good at maths can anyone tell me how much my interest I'm paying by day,,,
70966 apr is 5.69
THANKS ANY ONE,,,

Cortinaa_GTR

alwaystryyourbest - I make it £11.06 per day. £70,966 x 0.0569 / 365.

Mine is currently £5.79 per day although it was £6.20 in January of this year so it's going in the right direction.

mel19632

coldstreamalways wrote: »

I'm glad you posted the correct wat to work it out as I was paying interest with several noughts on the end!! Even now it's massive and I can't bring myself to write it down. It's down about 65p from the last statement though.

If it makes you feel any better, we pay £26.24 interest per day.

Down from £33.62 on our fixed rate.

Ouch

drewwa

Interesting thread... (dreadful pun, sorry)

Back in August 2007 I was paying £28.70 a day

Today, with offsetting, OPing and the interest rate drop it's only £4.21

Pretty happy with that to be honest!

Cheers,

Drew.

pawlala

24p a month, that's about 0.8p interest a day! At its highest it was approx. £11 per day but managed to OP most of it.

benbenandme

Two years ago when I posted I was paying £7.66 a day, now its £4.65 a day and I have roughly £8k waiting to go as an overpayment, once I don't get charged a penalty for overpaying it

mintedmatty

Ive followed this thread for the last few days but had to wait until today to post as I came out of my fixed rate this month and my payments have changed. my monthly interest has dropped down from £224 to £81 per month and my payment this month was £295 instead of the £228 stated in the letter I received? I guess this is a one off due to coming out of a deal half way through the month, so im thinking the interest will be higher than normal but going by the £81 that equals £2.70 per day. Hopefully this should drop below £2 by next month when my interest will only be for a month and no more? Its much better than what it was anyway! cant complain and really going to crack on over paying!!!!!