Interest Only Mortgage

I have a 120k mortgage which i took out earlier this year on interest only for the first year. My circumstances have changed as i have sold another property and later this year i intent to make a lump sump payment in to this mortgage of 100k, leaving an outstanding mortgage of 20k.

At this point i also intend to convert to a regular repayment mortgage(principal + interest). My question is, at the end of this year i will have paid approximately 6k on interest. After the lump sum payment, i will owe 20k which i will probably put over a 10 year period. WHen the bank goes to calculate my interest on the 20k over a 10 year term will they factor in the 6k of interest that i will already paid from this year.

Thanks
Joe

Once the 6k interest is paid on the 120k - that is the end of it. If you then pay a lump sum and have a balance of 20k the interest due from then on will be based on that 20k alone.