Calculating monthly interest on mortgage

[kcxdev]

Does anyone know of any calculators that calculates your monthly interest on a mortgage?

Eg. If I have a £100,000 25 year capital repayment mortgage fixed for 3 years at 5%, how much would the monthly interest be for the first 3 years? All the calculators I've googled only tell you your monthly repayment, not the monthly interest charge.

Basically, I've remortgaged recently and the monthly cost (interest debited) seems to be a lot higher than with my previous supplier even though the monthley repayment isn't really that much more :suspect:

[Kryten]

http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

[kcxdev]

Cheers Kryten. Depressing figures :cry:

[cjanderson]

you could do it in excel :dork:

but it should just be £100k at 5% ie 5000, over 12 months. roughly £417 per month (in first 3 years)

though the first month you generally pay a month in advance and some back interest so its always high the first month.

[PeteMc]

For something that you can use to play around with figures (offsetting, time periods etc.) see the first post on this thread :

http://forums.moneysavingexpert.com/showthread.html?t=1157173

The OP appears to have done a really good job with this and, unlike lots of other parts of the site (reusable toilet wipes, menstrual blood catchers, roasting your first born), it seems quite useful.

Though if your figures are depressing with the BBC calculator then it may depress you further.

[kcxdev]

Wow, that spreadsheet's quite amazing and yes, depressing.

[Kryten]

I did my own basic spreadsheet that did it monthly based on repayments etc which helps teh figures a little over the BBC calculator, but basically for the fist few years of a mortgage pretty much all your payment goes to interest unless you can afford to overpay.