Would anyone have a spreadsheet to calculate the interest on their mortgae repayments taking into account an offset account?
I have an offset account facility And I am wanting to be able to accurately calculate the ammount of interest I am supposed to be charged each month so I can check to see if what the bank takes out of the account is the correct ammount.
I’m fairly confident I know how to do this with the compounding interest formula but it’s a bit long winded making all the calculations when you have multiples of transactions through out the month.
Also, does anyone here with an offset account ever check the interest repayments to see if they are incorrect? Anyone had errors before?
Hey Craig
Is it for your IP or PPOR?
If it’s an IP then your mortgage broker should have set you up with an Interest Only (IO) loan. If its your PPOR then it could be either IO or P&I depending on your strategy.
This affects how (re)payments are calculated.
This reply was modified 9 years, 9 months ago by D.T..
I have a detailed spreadsheet that I am working on at the moment but I am yet to add the option of the offset account into the calculations.
I will attempt to add an offset facility to the spreadsheet for IO loans and see how I go. I will have to do my research first and hopefully I’ll be able to pull it off, but I can’t guarantee anything,