Need Data

[michaelg]

Hi,

I'm in need on some data to compare some spreadsheet calculations I'm working on. I wish to ask those who currently have a principal & interest mortgage, if they wouldnt mind providing the following information from their settlement letter;

Draw down date:
Maturity Date:
Date when 1st payment is due:
Initial Loan Amount:
Initial Interest Rate:
Term of Loan:
Number of Repayments:
Repayment Frequency:
Repayment Amount:

The more info I collect the better. I'm not interested in personal info, or who or where the mortgage is with. Just the numbers.

If you can help, please email the info to [email protected]

Thanks
Michael G

 

[Kevmeister]

Michael:

Can you tell me what you are going to do with the data, more specifically than just calculations? Is this research, or what?

 

[michaelg]

Hi,

Fair question, I have been working on a software program for vendor financers that will allow them to track loans and issue appropriate notices.

While I have been using the data from my own loans to test the program, I would prefer a wider souce of test data to use.

What I have found is that while lenders all use the same repayment formula to produce results on their websites (most even use the same program), the repayment calculations in the actual mortgages vary, though most only by a few cents.

For example a $49,600 mortgage over 25years paid monthly from ANZ would have a repayment amount of $342.83, but if you enter the same figures into excel it works out to be $342.69. I suspect the difference is FID.

On the other hand RAMS, compound their interest per payment (not monthly), some lenders compound their interest end of month, others on the monthly anniversy of the draw down down.

What I would like to find out is the "general preferred method" and see how this is calculated.

Hence the request for data

Michael G

 

[tonyd]

Originally posted by michaelg

For example a $49,600 mortgage over 25years paid monthly from ANZ would have a repayment amount of $342.83, but if you enter the same figures into excel it works out to be $342.69. I suspect the difference is FID.

Probably.

What interest rate have you used here?

Could be round-off in Excel?

Is it compounded daily?

Also, note that some accounts have fixed monthly fees which are added to the outstanding mortgage balance.
Eg. Westpac has an $8/mth account fee.
This increases the monthly payment too.

cheers, Tony

 

[geoffw]

One very small difference I have found which is applied during leap years.

The daily interest in one account was calculated at 1/365 of the annual interest.

The same daily interest was also applied in leap years- which means the bank collected one free day's interest every leap year.

It might not affect you now, but it might bite later.

 

[michaelg]

Peoples!

Thanks, but I'm just after data at this point

Michael G