My monthly mortgage payment is GBP965. Of that, monthly interest varies from GBP714 to GBP770. The annual interest rate 5.64% and the remaining term is just under 27 years, five years fixed.
Clearly the interest is currently much more than 5.64%. What’s the calculation here?
In: Other
Amortization! In order to keep your monthly payment the same, you have to pay more interest up front then slowly chip away at principal.
You could alternative payment schedules, both those are really inconvenient compared to how the average person receives their income
Latest Answers