"Bob Phillips" wrote in message
...
Are you sure it is 5.6%, not 5.575%.

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...

"Bob Phillips" wrote in message
...
You don't need the sum, and you don't need to multiply by -1, and
assuming
that the interest is calculated annually, then

=-(B3*B4)/12

--

HTH

RP
(remove nothere from the email address if mailing direct)


"Ron" wrote in message
...
Hi, is this the correct formula to calculate mortgage interest on an
interest only mortgage?
=SUM((B3*B4)/12)*-1 where B3 is the mortgage and B4 is the interest
rate.
Thanks Ron


Hi thanks for the quick reply however I have just had a notice from my
mortgage company, as the interest rate is decreasing and their
calculations
for a mortgage of £45397.72 and an interest rate of 5.6%, gives a monthly
payment of £210.91, whereas my formula gives £211.83. They must use a
different formula.

As there is a shortfall in my endowment I was trying to find out the
difference in paying money into my mortgage account as against using an
ISA
to make up the shortfall.



Ron

on the letter it says 5.6%
Ron