It's on the amount owed. They can't charge interest on money you've already paid back.
Take a look at this calculator and input your figures:
It looks like 203,000 at 1.75% over 16 years is approx. 1,212 per month.
If you want to see a full breakdown (even to month by month, year by year) you can put all your information into this calculator:
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This allow you to take account of rate changes and so on over the life of the mortgage. The "Annual Table" will probably be of the most interest to you.
I should have said that ronaldo above is correct, they should be calculating the amount you owe over the remaining term of the mortgage. In your case, based on the figures you have supplied, this seems to be 203,000 over 16 years.
I thought I answered your question here:
I think it looks odd because the balance should be lower if you've been making repayments for 9 years. Your balance should be closer to 188k rather than 203k. Did you miss any repayments along the way? Are you sure the remaining term is 16 years?
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