Monthly mortgage calculation

S

Sim Two

Registered User
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Can someone check at the following mortgage interest calculation for January 2006 for me – just received my annual statement from my mortgage lender and want to make sure that the mortgage provider is correct in its calculations


Lending rate of 3.15%
Opening balance of 127,212.78
2 fortnightly payments of €365 in January
Interest charged €340.12

Interest is charged on a daily basis.

Thanks

Sim
 
go onto google and type in 'mortgage calculator' - one the ones listed will be able to give you the information you need as well as calculating any changes etc...
 
Can Jeacle's calculator cater for fortnighly payments - it's not clear from an initial look
 
Is it not important to know the term of the loan here in order to calculate what the repayments should be exactly?
 
Yes - you need the term, amount and rate (and repayment period in this case). Remember that Karl's calculator uses the nominal rate and will only give indicative results (which should be pretty accurate) which don't take account of mortgage interest relief.
 
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