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Mortgage Interest Calculation

scot1964 · 2016-06-27 19:41:37

Hello. Being on a tracker (repayment) i got a letter in March saying my interest rate was reduced from 1.2% to 1.15% and my payment had gone down by €1 only. Balance at time was €67302.52. My calculation, interest due (1.2%) approx €67.30 / mth interest due (1.15%) approx €64.50 Am i calculating correctly - are they short…

27-06-2016 8:41pm

#1

scot1964

Registered Users Posts: 35 ✭

Join Date: July 2015

Posts: 22

Hello. Being on a tracker (repayment) i got a letter in March saying my interest rate was reduced from 1.2% to 1.15% and my payment had gone down by €1 only.
Balance at time was €67302.52.
My calculation, interest due (1.2%) approx €67.30 / mth
interest due (1.15%) approx €64.50
Am i calculating correctly - are they short changing me?
I know its only a couple of € but these guys charge me €4/month for the priviledge of having an account to pay them!
Thanks

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