Hey guys,

I bet this question has been asked over a billion times but I am lazy to go through all of them because most of them do not answer my questions. I would like to give you guys a scenario so that it's easier for you to understand my questions.

Assuming I am taking RM500k loan from Bank A. It is a flexi loan whereby BLR -2.4% for 40 years. So,
FV = RM500k
period = 480 months
Interest = 4.2% per annum and let's assume it stays the same for the next 40 years
My monthly repayment amount will be RM2152.31

This is the minimum amount that I need to pay monthly, right?
So, let's say I manage to fork out RM2500 per month. And everybody knows that flexi loan's interest is calculated on daily basis and dependent on how much principal left in your bank account.

So RM2500-RM2152.31 = RM347.69 (I will have extra RM300++ to reduce my principle every month)

My question as follow:
Let's say my loan starts on 1st OCT 2012, I start paying the bank RM2500. So the next month interest is ...

RM500k (loan received) - RM2500 (first monthly repayment) = RM497500 (principal left)

Interest per day = (RM497500 * 4.2%) /365 days = RM57.25

Interest that I need to pay on NOV = RM57.25 * 30 days = RM1717.5

Amount I need to pay on NOV repayment (estimated second payment) = RM1717.5 + (RM500k /480months) = RM1717.5 + RM1041.67 = RM2759.17 (why higher than the first payment?)

Never mind, carry on first...
On 1st NOV, since my RM2500 is not enough, I fork out extra RM500 to pay for the house loan...

So now this time --> RM497500 (principal balance) - RM3000 (second monthly repayment) = RM494500

Interest per day = (RM494500 * 4.2%) /365days = RM56.90

Interest I need to pay on DEC = RM56.90 * 30days = RM1707

Amount I need to pay on DEC repayment (estimated third payment) = RM1707 + RM1041.67 = RM2748.67 (still so much!!)

I hope my question wont bore you but so far I could not find a site that show detail calculation. The above calculation is dumb, that's why I need someone to correct me. Above calculation is based on my understanding on flexi loan. However, I find that ridiculous so I want to put this question here to get a better explanation. I know it is easy to use excel sheet or loan calculator to calculate how much I need to pay. But since I am taking a flexi loan, I need to know what is the difference if I put in extra RM1k or RM10k.

Thank you for your time and your feedback is greatly appreciated. Cheers

to do what you want to do
1) go excel-> new-> find a loan amortization template -> learn how to use
2) http://www.bloomberg.com/personal-finance/...ators/mortgage/

1) If you are talking about the PMT function.. ya.. I know how to use it. But that is only for conventional loan isn't it?
Please correct me if I am wrong. Thanks

flexi loan is just have another feature or facility than conventional loan which is withdrawal of you extra payment.

in term of loan calculation, it do not have any different.

btw, for most of the flexi loan, it has extra fee per annual.

Thanks for your help again... I get an better idea now...

Pm me your email and i can send you a true full flexi loan calculator for you to understand how it's work and what's the exactly interest per month , principle paid per month , different with extra payment and many more you question you have with flexi loan.

Don't worry it's free.
(as many ppl ask me need to pay for it or not =.=" )

Regards,
Onn

please pm me. thanks

please pm me too. thanks.

pm pm pls

can i have a copy of it as well?

could i have one copy as well? thank you very much!

Can i have a copy as well? Thanks

Can i have a copy as well? Thanks

Bro pm me plsl

pm me too. Thanks ya.

Can share?

Hi pls share the callculation

Pls pm me as well!!! Thanks bro...

Can i have a copy as well? Thanks

Since everyone is asking, u might as well pm too.
Thanks a lot!