Strange BoI Mortgage Interest Calculations

[BusinessFailure]

I'm wondering if someone here knows how Bank of Ireland actually do their mortgage interest calculations?

I got my annual statement, but the interest they add to the account fluctuates from month to month. For example:

Month - Interest Added
Jun - 949.75
Jul - 929.81
Aug - 926.26
Sep - 893.37
Oct - 919.99
Nov - 887.09
Dec - 913.29

I would have expected that interest added to the account would go down each month, but this up-and-down nature of the interest calculation is confusing me. It makes it difficult for me to check my mortgage statement, because nothing lines up with my own spreadsheet!

Thanks.

 

[RedOnion]

Isn't it strange that the months with 31 days are higher than those with 30?...

 

[Brendan Burgess]

Hi BF

And each month you pay off some capital, so the interest will fall each month if the interest rate stays the same.

Strange, but true!

Brendan

 

[BusinessFailure]

Isn't it strange that the months with 31 days are higher than those with 30?...

Well now I feel like a total idiot! Thanks for pointing that out RedOnion!