Interest Calculations for Mortgage (Australian)

[Adrian Blockley]

Hi all,

I am using scheduled transactions to keep track of my home loan. What I don't know is how do I schedule interest payments which are calculated daily and debited monthly?

I have dabbled with the mortgage and loan repayment wizard but feel none the wiser ( ie I am on a variable interest rate and the options of 3/1 year, 5/1 year etc don't seem to make much sense to me)

I suspect that I will have to set up the scheduled transactions by hand and edit them when interest rates change. Also how do I set up the interest rate calculations so that they take into account any extra payments that i have made during the month.

Cheers

Adrian   

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Adrian  Blockley	 
32 Darwinia Loop 
Canningvale WA, 6155
a.blockley at poboxes.com

Ph: 08 9256 1953
Mobile: 0405 609 990
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