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

bunking_off

£4.82 yesterday...although being a current account mortgage that drifts up as the (negative) balance increases during the month.

A more sobering question, though : how much interest have you paid your bank so far?. To get the ball rolling, according to my tracking spreadsheet for us it's £35,720. Eek.

phizzimum

bunking_off wrote: »

A more sobering question, though : how much interest have you paid your bank so far?. To get the ball rolling, according to my tracking spreadsheet for us it's £35,720. Eek.

oh no! I'm not sure I want to know!

dumb question, but how did you work it out? I've only got mortgage statements going back a couple of years - before that I have no idea what our monthly payments or interest rates were.

bunking_off

I've got a current account mortgage. Sad man that I am, I keep a spreadsheet of my income/outgoings, so that on a daily basis I can see whether I've spent more or less than my normal monthly spending profile and predict how much I'll overpay/underpay at the end of the month. £35k's just the sum of the "interest" column, from row 2 through 7200....well I did say I'm a sad man....

As a guide, if you had a £100k mortgage at 5% over 25 years you'd pay £73500 interest in all. Pay it in 15 and you'll only pay £41k.

esthomizzy

dammit despite all the replies - I'm still paying the most interest per day

at least my attempts to make overpayments are a worthy attempt

phizzimum

bunking_off wrote: »

..well I did say I'm a sad man....
.

don't apologise for it - that's why we're all here!

the MFW board - a place where we can all play safely without the mean kids pushing us off the swings!

abouttimetoo

esthomizzy wrote: »

dammit despite all the replies - I'm still paying the most interest per day

at least my attempts to make overpayments are a worthy attempt

Don't worry esthomizzy, if it makes you feel any better if I add in my BTL then I pay more than you:rolleyes:

Actually, I wished I hadn't thought about that (or should I say I wished you hadn't prompted me to think about that as I don't include my BTL in my MFW challenge but know I need to start and think/look into it far more!) Must do something soon though as rate due to expire in 4 months.

iieee

About £26 a day.

But prior to being MFW, it was £28 a day. I'm off to buy a happy meal with the difference.

abouttimetoo

Hi iieee

Wow, you've paid of loads since the start of last year - well done you:beer:

angelavdavis

:j :j I currently pay £18.03 a day, down from £26 per day at the start of the MFiT challenge. Soon to be paying - 0!:j :j

noodles42

Feeling quite queasy (sp?) just contacted my mortgage provider and they have just confirmed that we are paying £22.02 per month in interest alone - being a bit sad I though that hey at least we have paid £11k off the capital in the three years we have lived here - well until I saw that it meant we have paid almost £30k in interest in that time - ouch :eek: