The following are details regarding a mortgage which i currently have.
The mortgage is for 50000 with an interest rate of Euro Libor + 1.75%. This rate comes in at around 3.9%. The term of the loan is for 20 years.
The following is a list of payments the bank i deal with have listed for me over the next 6 months :
       
> 5-01-05 375.24 209.21 166.03
> 5-02-05 378.51 209.21 169.30
> 5-03-05 361.48 209.21 152.27
> 5-04-05 377.08 209.21 167.87
> 5-05-05 370.99 209.21 161.78
Payment amount for 5-01-05 is 375.24 of which it contains capital of 209.21 and interest of 166.03 euros per month
Having used the Karl's mortgage calculator my payments work out as a lot less than the amounts the bank are listing as
deducting from my account. After contact with the bank they are proving unresponsive.
Can anyone let me know exactly how much i should be paying and the reason why my payments are off so much when listed
alongside Karl's mortgage calculator. This property is an investment based abroad thats why the rate is so high.
Any ideas why Karls calculator is off aswell as my payments so high ??
What lender arw you with? Do you know how they calculate interest - e.g. daily, monthly or annually? If Karl's calculator uses a different approach to interest calculation (I'm not sure what he uses) than your lender then there will be discrepancies.
By the way, your lender should really respond to your queries and provide adequate answers so don't give up.