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  1. #1
    Lounger
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    Question How Come Loan Templates In Excel Never Match Bills

    1 house, 4 car loans. I download all sorts of Excel templates for car loans and house loans yet monthly payments never match nor do balances match, although loan amounts and interest are accurate. Do the lenders do something on their calculations that I miss?

    I am willing to provide an example from a current car loan I have.

    Thank you!!!

  2. #2
    Silver Lounger
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    Just a question, do the monthly payments shown equal what you sent which includes the interest or do the figures show the separated principal and interest amounts?

  3. #3
    Lounger
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    OK, loan is 60 months at 4.99% interest. Amount is 22090.89. Every loan calculator says monthly payment is 416.78 but the bill says 417.50. I also prepay which makes the statements even more bizarre.

    The bill will show a breakdown between principal and interest (though this lender requires you send prepayments to a 2nd address.) But iit does not show how it applies the monthly bill.

  4. #4
    Gold Lounger Maudibe's Avatar
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    Does the lender have a service charge added to the bill? Are you rounding your calculations which can alter the results slightly?

  5. #5
    5 Star Lounger
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    The frequency of interest calculations will alter the repayments a little - daily, twice daily, weekly . . .

    Or maybe there's a simpler explanation - the lender is rounding to the nearest $2.50.

    Another explanation is that there is a $50 admin fee - that would actually make the payments $417.52

    Have you asked the lender ?
    Last edited by MartinM; 2014-12-11 at 07:14.

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