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 Mortgage Loan Package Inquiries v2, Loan agents pls read the 1st post!

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altism
post Aug 10 2018, 12:41 AM

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Hi bro, do you have a formula for separating the interest-to-principal monthly installments? Also, if one is doing principle prepayment monthly say for e.g.; 1K principle prepayment in the beginning of Aug 2018, would it affect (as in reduce) the interest calculation when it comes to the installment that happens at the end of the same month?

This post has been edited by altism: Aug 10 2018, 01:13 AM
altism
post Aug 10 2018, 11:53 AM

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@lifebalance - thanks bro!
altism
post Aug 15 2018, 05:37 PM

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wild_card_my lifebalance

Hi bros, regarding the amortization again, i am neither able to sync the numbers nor agree with the interest and principle payoffs monthly. Can you please enlighten an imbecile like me?

Say for e.g. my interest rate is x.xx%, tenure is YY years and loan amount is 200K. All the below numbers are hentam only to present my question and show its logic:

End July 2018 - Installment 1500; 1000 to interest; 500 to principle
Beginning Aug 2018 - Principle repayment of 1000
End of Aug 2018 - - Installment 1500; 1100 to interest; 400 to principle

If you look at the above e.g., I've reduced 200K by another 1K in the beginning of Aug. However, I am seeing higher payoffs to interest rather than principle despite the principle reduced slightly.

Thanks.
altism
post Aug 15 2018, 05:48 PM

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lifebalance thanks bro for responding.

That's what is happening, which I am seeing. Not from the calculator you have shared to me before but the real case.

Paid xxxx amount for principle on 6th, 12th and 16th July. However, when comes July installment in the beg. of Aug, more goes to interest compared to the installment in the beg. of July. Does that makes sense? The only thing is July had 1 extra day complared to June. That's it.

Thanks.
altism
post Aug 15 2018, 06:11 PM

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Thank you wild_card_my lifebalance. No harm sharing. I can remove PC details and send it across no biggie. Problem is, Mr. Rashid hasn't been sending me statements for quite some time now that I am looking into it.

I am calculating this from the online banking site. Meaning after every installment, the principle reduce slightly, you deduct that amount that has reduced, you know everything else has went to interest from your installment that month. That's what I am seeing.

This post has been edited by altism: Aug 15 2018, 06:12 PM
altism
post Aug 15 2018, 06:22 PM

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Sorry gentlemen. Not sure what the feud is but as an outsider, I see the both of you really compliment each other in this forum in terms of knowledge. Maybe find ways to work with each other instead of against? Just saying.

 

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