At what point do mortgage repayments start to go down?
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moneyhoney
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Why would you expect your mortgage payments to go down? What sort of a rate are you on?
You may be confusing the fact that at the start of the mortgage, more of your repayment goes towards paying interes as you pay more interest at the beginning as the balance is higher. But as the balance starts to reduce, your interest is lower & more of your repayment goes on clearing the balance.
Bu tthis has no bearing on your monthly repayment.
Brendan Burgess
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See my guide to Mortgage Repayment Calculations
You can use Karl Jeacle's calculator to show the outstanding balance at any time on your mortgage.
You can use Karl Jeacle's calculator to show the outstanding balance at any time on your mortgage.