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

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  • EssexHebridean
    EssexHebridean Posts: 24,424 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ouch at some of the figures in here. Ours works out at £14 per day at the moment, which is scary enough, but small in comparison to some!
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    £100k barrier broken 1/4/25
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
  • phizzimum
    phizzimum Posts: 1,712 Forumite
    Part of the Furniture Combo Breaker
    ours was roughly £13 a day...although we're stoozing some cash in our offset at the moment so it's gone down to £10
    weaving through the chaos...
  • tro127
    tro127 Posts: 39 Forumite
    Part of the Furniture Combo Breaker
    Think we are paying £17.50 a day. Never thought of it this way and it makes me more determined to pay it off quickly!
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    £6.32 a day on main mortgage, rising to £6.35 by end of July. Equates to 26p an hour, not that I'd be sad enough to calculate of course :o .

    That's on main mortgage. On BTL's it is £10.86 and £7.65.

    TOTAL = £24.83 a day :eek: , £1.03 an hour :eek:

    Lexxi, you can calculate 1 of 2 ways. Either get yourself a complicated spreadsheet which you pour over for hours at a time, then graph it, calculate the impact of an additional £3.74 payment, regraph, find 63p down side of chair, recalculate, carry on indefinitely......;)

    Or, if you get monthly balances, take one from the other to see how much mortgage reduces each month. That is your capital reduction for the month. Take that away from your mortgage payment and what is left is interest paid in month. Multiply by 12 then divide by 365 to give daily amount.

    Latter way is more simple, however most of us do the former :o
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • hansi
    hansi Posts: 3,001 Forumite
    Part of the Furniture 1,000 Posts
    £4.36 per day
  • abouttimetoo
    abouttimetoo Posts: 1,860 Forumite
    Part of the Furniture Combo Breaker
    ali007 wrote: »
    Latter way is more simple, however most of us do the former :o

    :rotfl: :rotfl: :rotfl: yes, we don't we!
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
  • FreedomGirl
    FreedomGirl Posts: 155 Forumite
    Mortgage-free Glee!
    Hi,

    Daily interest £1.85/day (according to last month's interest statement). It's going to be lower this month though!

    FG
    MFiT-T4 Number 68
    MFiT 4 Goal - Build up savings (SIPP, ISA etc.) to £250k . Current balance £174748 (1/8/16).
    Crazy goal - £500k by Jan 2026.

  • Kaz2904
    Kaz2904 Posts: 5,797 Forumite
    1,000 Posts Combo Breaker Mortgage-free Glee!
    From last years figures, £10.97. The interest charged from this time last year is £50 more so each month £50 more goes towards my capital repayment- YAY!
    I think I'm down to roughly £9.22 per day in interest now. Maybe I should start by seeing if I can find and extra £0.22 per day to repay?!
    Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.
    MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.
    2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.
  • LumpyCustard_2
    LumpyCustard_2 Posts: 267 Forumite
    £4.02 per day
  • FairyElephant_2
    FairyElephant_2 Posts: 1,117 Forumite
    Hey, that's an interesting way of looking at it!

    I get statements every 4 months, and they show the total charges for the period, so I just calculated that in Oct 07 - Jan 08 (123 days) I paid £5.99 per day, and now in Feb - May 08 (120 days) I've paid £5.81 per day....it's coming down - hooray!

    I feel good now, Thanks OP!
    The best advice you can give your children: "Take responsibility for your own actions...and always Read the Small Print!"
    ..."Mind yer a*se on the step!"
    TTC with FI - RIP my 2 MC Angels - 3rd full ICSI starts May/June 2009 - BFP!!! Please let it be 'third time lucky'..... EDD 7th March 2010.
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