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Overpayment on principle query

  • 27-09-2018 8:37pm
    #1
    Fol20
    Registered Users, Registered Users 2 Posts: 3,625 ✭✭✭


    Hey guys. I have a question for you. I have an interest only mortgage and let’s say I owe 10,000. I recently over paid my mortgage by 2000 to bring it down to 8000 or so I thought. I called my bank and they say my principle now is 8200. How exactly would they come up with a calculation like that when im paying a set amount of money which should have brought the principle down by that figure. The bank are going to look into it but I’d just like to know myself before they come back saying I need to pay that extra 200e to get it down to a principle of 8k


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Is the difference by any chance roughly the amount of your monthly payment?

    The balance depends when in the month interest is added and when your payment date is, for example if interest is charged monthly on the 1st of the month and your payment goes through on the 15th then the computer will show a higher balance from the 1st to the 15th than from the 15th to the 1st of following month.


  • #3
    homer911
    Registered Users, Registered Users 2 Posts: 5,129 ✭✭✭homer911


    Surely they can give you a statement to show whats going on?


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