Mortgage Statement interest Calculations

[Sadmak]

Just recieved my mortgage statement for the last 12 months from BOI
it seems that the interest repayment is made quarterly
However i cannot reconcile the interest repayment with the rate and the principal outstanding. Does anyone know how they make their calculations

e.g.
Rate 3.6%.........Debit..........Credit.........Balance
march 31 repay .....................412.38.........78038.92
April 30 repay ........................412.38.........77626.54
May 31 repay.........................412.38.........77214.16
June 21 interest ...721.04...........................77935.20

I thought 3.6% over one quarter is 77214.16*.036 / 4 = 694.93

Does anyone know how they get 721?

 

[ClubMan]

Sorry - can't answer your main question but...

it seems that the interest repayment is made quarterly

I would be very surprised if BoI were charging interest on anything other than a daily basis. Most institutions do this nowadays. A few still do it monthly and at most one (as far as I know) still do it annually. I never heard of any lender doing in quarterly.

Rate 3.6%

That's a very high rate to be paying these days! See the best buys list in the area for comparison.

Also - does your statement also take into account owner occupier [broken link removed]?

Is Karl Jeacle's mortgage calculator of any use in checking your figures based on the original mortgage term and amount?