Forums / Property Investing / Help Needed! / Daily compound interest calculator/spreadsheet

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  • Profile photo of WesWes
    Participant
    @craig25
    Join Date: 2014
    Post Count: 7

    Hi People

    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?

    Cheers

    Profile photo of D.T.D.T.
    Participant
    @dtraeger
    Join Date: 2014
    Post Count: 128

    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 4 years, 6 months ago by Profile photo of D.T. D.T..

    D.T. | DT Property Management
    http://www.dtproperty.com.au
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    Adelaide Property Management - whole Adelaide metro

    Profile photo of WesWes
    Participant
    @craig25
    Join Date: 2014
    Post Count: 7

    Hey DT,

    It,s an IP and loan is interest only.

    Cheers

    Profile photo of fudge111fudge111
    Participant
    @fudge111
    Join Date: 2015
    Post Count: 20

    Hi there craig,

    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,

    worth a try though…

    Cheers,

    fudge111

    Profile photo of fudge111fudge111
    Participant
    @fudge111
    Join Date: 2015
    Post Count: 20

    I think I have successfully incorporated an offset facility into my spreadsheet for both IO loans and also P+I loans.

    I am not 100% sure if my maths are correct but I think they will be pretty close…

    fudge111

    Profile photo of streamlineinvestingstreamlineinvesting
    Participant
    @streamlineinvesting
    Join Date: 2010
    Post Count: 171

    Craig,

    Feel free to email me at [email protected].

    I have a spreadsheet which you should be able to use, should be fairly straight forward.

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