On Apr 30, 10:59 pm, mike742 <gqrxzy8...[at]ftml.net> wrote:
- quote -

Thanks for that.

What I have subsequently discovered is that there is a penalty of the
swap rate - cash rate x 1/365 x The amount over $5000 [for the for
first year of the loan :-(]

Dan


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- quote -

That's interesting. Using the current balance 538,685.44, payment
3780.25, rate 7.45% I see it
paying off in around 350 payments (months) not 360. Using the "Limit"
value as the
balance (543300.80) it's 360 payments.

- quote -

Using 538685.44 balance, 7.45%/12 I see 3344.34 interest the first
month. Using (7.45%/12)*(365/360)
I get 3390.79. Hum... There should be some description somewhere
which says exactly how the
interest (and new balance) is to be calculated...

In article <1177919385.079480.39990[at]q75g2000hsh.googlegroups.com> ,
dan.c.roth[at]gmail.com wrote:

- quote -

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-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

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