Mortgage software

  Bobnik 11:06 16 Mar 2005

I have devised an excel spread to keep track of my mortgage. Even though daily interest and additional payments are added, the year end statement I recieve does not tally. Does anyone no of a free software programme that will do this properly?

  byfordr 11:43 16 Mar 2005

Not sure about software but the online calculators at click here click here may provide the information.


  Simsy 12:09 16 Mar 2005

how you are adding the daily interest.

I have made a similar spreadsheet and discovered that my bank, (Nationwide), has a, (what I believe to be), strange way of calculating daily interest;

Instead of taking the annual interest rate and dividing it by 365, to give a daily rate, they divide it by 12, to give a monthly rate, then divide this by 30, (regardless of which month), to give a daily rate. This gives a slightly different rate to what might be expected.

Then there is the issue of exactly when credits and debits are applied.

My spreadsheet tallies very closely, (though not exactly) with my online statement. The error increases throughout the year.

WIthout meaning to teach you to suck eggs, it might be worth checking with your bank how they do the calculations. You might then find you have to amend your spreadsheet calculations and it comes correct.

As usual, my apologies if I'm miles off track!!



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