Interest calc confirmation

blinko

Ho guys I wanted to ask,  I have the following calculation from my bank 

Start date  2.10.20
End date 10.9.21
Rate 2.16
Loan 134, 995

Whqt should the interest only be and how many days do you get 

I've already done it and I have 2 answers my own and the banks . Uts 1 day out but I'm pretty sure they calculated it wrong 

Thanks 

getmore4less

Not enough information.

Need a list of all the payments and date of payment.

How is the interest calculated and when does it get applied to the account.

blinko

Hi mate, interest is not applied between these days .

It's starts on and ends on the dates stated , interest calculated daily 

blinko

Or if you don't want to do the calculations,  just let me.know how many days you think.it should be between these 2 periods 

02.10.20
10.9.21

I can do the rest 

grumiofoundation

You aren’t providing enough information for someone to do an exact calculation.  

To clarify it is an interest only mortgage not a repayment mortgage? 

When you say days ‘between’ do you mean says between - Ie not including start or finish date. 

Include either the start date or the finish date ? 

Or include both the start and finish dates ? 

Possibly this is where the issue is coming from? 

Thrugelmir

344 days. 

getmore4less

blinko said:

Hi mate, interest is not applied between these days .

It's starts on and ends on the dates stated , interest calculated daily 

The nominal interest would be ~£8 per day.

blinko

I gotnthis as 343 days but the bank have it as 344 

But I don't understand how they got it as 343 consider 1 day is

01.10.21 to 02.10.21

[Deleted User]

How many days where those funds were against your mortgage account.  I assume the money deposited on the 2/10/20 and then left on the 10/9/21.  So you calculate every day that funds were in the account which is 344.  

https://www.timeanddate.com/date/durationresult.html?d1=02&m1=10&y1=2020&d2=10&m2=09&y2=2021&ti=on

[Deleted User]

blinko said:

I gotnthis as 343 days but the bank have it as 344 

But I don't understand how they got it as 343 consider 1 day is

01.10.21 to 02.10.21

1.10 - 2.10 is 2 days

If i give you money on a Monday and you give it back to me on a Tuesday then you have had that money on Monday and Tuesday (i have as well to be fair which is where it feels unfair).   You pay interest for each day (or part of day) that you had the money

blinko

Ok thanks a lot guys at 344 days it makes sense now , much appreciated