I have a mortgage on an investment property at ecb +1.3 taken out in mid 2000s for 285000 euro.
Variable rate.
25 year term, 10 years interest only then full repayments for 15 years.
Looking at an yearly statement from the bank- 2017, in this instance -it shows quarterly amounts being added to the total balance while the 12 monthly mortgage payments remained the same at 1,748.89 for that year.
I always assumed that the 1,748 was capital and interest on 285k for the remaining 15 years at 1.3%
But then 4 quarterly debits of decreasing amounts -833, 837 ? 822, and 800 -in that order was added to the balance which is totals around 1.3 % too.
Would someone point out what I'm missing?
Variable rate.
25 year term, 10 years interest only then full repayments for 15 years.
Looking at an yearly statement from the bank- 2017, in this instance -it shows quarterly amounts being added to the total balance while the 12 monthly mortgage payments remained the same at 1,748.89 for that year.
I always assumed that the 1,748 was capital and interest on 285k for the remaining 15 years at 1.3%
But then 4 quarterly debits of decreasing amounts -833, 837 ? 822, and 800 -in that order was added to the balance which is totals around 1.3 % too.
Would someone point out what I'm missing?