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    • firsttimebuyer2017
    • By firsttimebuyer2017 7th Aug 18, 7:06 PM
    • 17Posts
    • 7Thanks
    Interest charges - input needed
    • #1
    • 7th Aug 18, 7:06 PM
    Interest charges - input needed 7th Aug 18 at 7:06 PM

    We're with Nationwide on a 2 year tracker @ 1.99%. Mortgage has 20 years to run as of this month and Interest is calculated daily on an outstanding balance of 74,366.89. Just wanted to double check what our monthly payment should be and how much daily interest should be accruing based on this picture. We obviously have our own figures but something seems amiss.

    Many thanks for any input.
Page 1
    • cooltt
    • By cooltt 7th Aug 18, 8:53 PM
    • 619 Posts
    • 372 Thanks
    • #2
    • 7th Aug 18, 8:53 PM
    • #2
    • 7th Aug 18, 8:53 PM
    Daily interest is irrelevant since it will change after every payment, monthly repayment is what matters, your payments at the moment on the remaining balance should be around 375
    • TrickyDicky101
    • By TrickyDicky101 8th Aug 18, 8:51 AM
    • 3,259 Posts
    • 2,152 Thanks
    • #3
    • 8th Aug 18, 8:51 AM
    • #3
    • 8th Aug 18, 8:51 AM
    I agree with cooltt's monthly calc. You should be accruing (on present balance) c. 4.05 per day in interest. This essentially means that (assuming 30 days since last payment) of your next payment c. 121.50 will be interest.

    As long as NW determines the interest calculation correctly you won't be losing anything if your monthly payments are higher/lower than the 375. The impact would only be to extend or shorten the effective term of the mortgage.

    Of course, if they are wildly more than the 375 then it may cause you cash flow issues.
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