Hi All
From what I read it seems to be recommended that when you do a wrap you should issue a statement to your wrapee either quarterly or six monthly stating: stating payments, interest paid, balance etc.
Can anyone please tell me how you work this out and simplify it into a statement. Example
Sell house at $100,000
Wrap at 8.5%
P&I = $201/week
Is there a simple method for working out how much of this is interest and principal and then how do you work out total balance.
Anyone
Delboy[cap]
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon, have you used Loan Alert, is it any good?
No – I have had no need to.
But I know the authors and have seen the amount of work they have put into it. I also know the sort of people they are and wouldn’t hesitate to recommend them to anyone.
Cheers
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Excel actually has a loan amortisation calculator which you could use or modify. You culd then extract the figures and perpare a statement copied off one of your own loan statements. It can get a bit messy if they are paying all over the place, though.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry, I’ve made Direct Debit compulsory to hopefully eliminate the erratic payment making…so far all six payments have arrived on time…YEA!!
SF
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