Hi,
I want to double check the figures on my ubank home loan. I have no reason to suspect its wrong but since my mortgage is my biggest financial burden I think its worth a check.
I am useless at Maths so I googled for software but there seems to be one company who is spamming all different kinds of domains which points to the same software which the download doesn't work for (and I suspect the free trial won't do anything anyway).
Can anyone recommend a reasonable software or easy to understand calculation to check that the interest charged is correct?
Thanks!
You don't really need special software or to buy anything, if you have a copy of Microsoft excel or another spreadsheet program there is a function to perform this task called Payment or PMT, some financial calculators also have it. Fixed interest rate is easy, variable can make it a bit more work.
Just search for examples using the payment function and that should get you going — it's a bit long to explain it here and I'm sure there are examples out there anyway.
I have heard before of people doing this and finding out the bank has made a mistake, so it is worth doing.