Mortgage payments

[sammd]

Assuming you're on a fixed rate mortgage does the amount you repay stay the same each month, because surely as you repay the mortgage off the interest reduces....so does the monthly payment stay the same and you're paying off a greater proportion of the mortgage rather than the interest or does it go down as the interest goes down?

[Clanad]

Your last guess is correct... even a small amount of your very first mortgage payment is applied to the principal, which, of course, reduces the amount owed and so on as the mortgage matures. As it reaches the point of payoff, most of the payment is applied to the principal...The interest rate stays the same, however, throughout the life of the mortgage...

[sammd]

So say you pay �600 on the first month, you'd still pay �600 on the last month - the payment stays the same and only the proportions of interest:capital within it change?

[WoWo]

Yes, if the interest rate doesn't change.

[sammd]

Ok, thanks. Making the last payment must be such a relief!