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?
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It’s 5.64% of the remaining balance on your mortgage. I’m estimating that you have about GBP 160,000 left on your mortage. Is that right? So every year, the interest payment is 5.64% of ~GBP 160,000, which means every month the interest payment is 5.64% / 12 of GBP ~160,000.
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