Only €17k capital paid off in 10 years!

M

mccoypat94

Registered User
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137
apologies if this is a stupid query. 280k mortgage drew down 2007.
Paid monthly for 10 years direct debit .
In 2017 I changed to paying mortgage weekly by standing order for for budgetary reasons.
Recently got a statement where something jumped out at me.
From 07-17 capital sum bottom line reduced from 280k to 263 , 17k in 10 years
From 17 to 18 it reduced by 11k in one year, now 252k..
How is this so?
 
Amortization. You pay mostly interest at the beginning and this decreases over time
 
Amortization was my first response too, but while it explains the direction, it does not explain the extent.

Were you on interest only for 10 years by any chance?

Or was your loan in arrears or restructured?

Could it be a tracker review adjustment? Unlikely, if they have not told you.

Here are the ordinary figures of how a mortgage is amortized.I have done 30 years at 2%.

upload_2018-8-4_10-30-20.png
 
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