Home loan interest Calculation

Hi

Could somebody please explain how Bankwest calculated the home loan interest for April was $3,392.19

Calculation

Thanks

Dan

Product Type: FIXED RATE HOME LOAN 2 Limit: $543,300.80 Interest Rate: 7.45% Term: 360 Month(s) Repayment Amount: $3,780.25 Next Repayment Date: 30/04/2007 Current Balance: -$538,685.44 Available Balance: $4,615.36

30/04/2007 DEBIT INTEREST - CAPITALISED INT AFTER M/SAVR OFFSET $8.86 $3,392.19 -$538,685.44 23/04/2007 FROM DR $407.55 -$535,293.25 16/04/2007 FROM DR $3,800.00 -$535,700.80 10/04/2007 FROM DR $3,800.00 -$539,500.80 02/04/2007 DLI DIRECT LINK TITLE SEARCH $13.00 -$543,300.80 02/04/2007 GOVT FEE DOCUMENT STAMP DUTY $684.25 -$543,287.80 02/04/2007 DLI REGISTRATION OF MORTGAGE $82.00 -$542,603.55 02/04/2007 HOUSING LOAN APPLICATION FEE $700.00

-$542,521.55

02/04/2007 DLI CHECK TITLE SEARCH $6.50 -$541,821.55 02/04/2007 LENDERS MORTGAGE INSURANCE $14,300.80 -$541,815.05
Reply to
dan.c.roth
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Taking $538,685.44 x 0.0745 / 12 = $3344.34. That very simple calculation got us to within $50 of their number, so we know things are in the ballpark. It probably happened that one month wasn't exactly 30 days, the time between payments wasn't exactly 30 days, or the full balance did not apply for the entire month.

Your contact should state how interest is calculated, and what the rules are for adjusting the rate of interest (if any).

-john-

Reply to
John A. Weeks III

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