On a variable rate mortgage, what percentage of the monthly payments would be interest and what percentage?

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would be taken off the loan amount?
What would the ratio be after 8 years?
In the UK

2 Comments
  1. Reply
    Serge M
    January 26, 2011 at 1:29 am

    On a variable rate mortgage, the interest rate is fixed for a given period of time. during that time that is the rate that applies to the principal and is interest expense. The remainder of your payment reduces the principal.

    Your second question cannot be answered because you provide no numeric information.

  2. Reply
    Maya
    January 26, 2011 at 2:23 am

    Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every monthcompanies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

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