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Mortgage Interest Calculation

sunday8(sunday8)
Mortgage interest calculation: For 800K, interest rates of 6.5%, 5 Year term, 12 payments a year.
In Excel I get total interest of : $139,175
In RBC: $137,236
https://www.rbcroyalbank.com/cgi-bin/mortgage/mortcalc.pl
In TD:$137,115
http://www.tdcanadatrust.com/mortgages/afford.html
In Scotia: $137,200
http://cgi.scotiabank.com/mortgage/payment.html
CIBC:$137,236
http://www.cibc.com/ca/mortgages/article-tools/home-free-fast.html
In Mortgage Sum Calculator: $139,175.11
http://www.mortgagesum.com/mortgagecalculator/amortization-calculator.php
By calculation: 800K * (i*N*(1+i)^N / [(1+i)^N-1] -1)=$139,175.114

Seem to me banks calculate the interest differently (by$2,000), Anyone knows the reason?
thx.
(#4048388@0)
Last Updated: 2007-11-9
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Replies, comments and Discussions:

  • 工作学习 / 科技领域杂谈 / Mortgage Interest Calculation -sunday8(sunday8); 2007-11-9 {725} (#4048388@0)
    Mortgage interest calculation: For 800K, interest rates of 6.5%, 5 Year term, 12 payments a year.
    In Excel I get total interest of : $139,175
    In RBC: $137,236
    https://www.rbcroyalbank.com/cgi-bin/mortgage/mortcalc.pl
    In TD:$137,115
    http://www.tdcanadatrust.com/mortgages/afford.html
    In Scotia: $137,200
    http://cgi.scotiabank.com/mortgage/payment.html
    CIBC:$137,236
    http://www.cibc.com/ca/mortgages/article-tools/home-free-fast.html
    In Mortgage Sum Calculator: $139,175.11
    http://www.mortgagesum.com/mortgagecalculator/amortization-calculator.php
    By calculation: 800K * (i*N*(1+i)^N / [(1+i)^N-1] -1)=$139,175.114

    Seem to me banks calculate the interest differently (by$2,000), Anyone knows the reason?
    thx.
    • Who cares. about $100 in 5 years.$2 each month. -ccra(ccra); 2007-11-15 (#4060457@0)
      • 这部是一百元的问题。。。 -sunday8(sunday8); 2007-11-16 (#4061501@0)
    • Different rate you used and bank used. -diresu(makeITwork); 2007-11-21 (#4072511@0)

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