Amortisation Table vs Account Statement

[RGrimes]

Hi,

on commencement of my Fixed Rate mortgage I was provided an Amortisation table where, for the first year I see a gradual decrease on the interest portion of a payment as follows:

658.21
656.84
655.46
654.07
652.68
651.29
649.89
648.49
647.08
645.67
644.26
642.84

However, on completion of a first year the actual account statement shows a more fluctuating up/down pattern per month:

672.12
615.02
667.83
644.95
655.01
642.21
662.17
660.79
638.13
657.92
635.34
655.05

The overall cost of interest for the year is basically the same so I assume all is well. Why would the interest charged not follow the smooth decreasing format of the amortisation table though?

 

[pjq]

Looks like the actual is based on no. of days in the month , Feb being lowest and months with 30 days being lower than those with 31 . But have no fear , whichever method the bank chooses , it won't be to your advantage even if its only a question of pennies .
pjq