The following reports are documented on this page:
Note: Most of the reports will remain disabled until the account contains at least one statement.
Within Home Loan Interest Manager you can easily copy and paste the results from any of the reports to another application (either use keyboard shortcuts, or use the right mouse button to activate the pop-up menu and select the appropriate actions).
The balance checker report is designed to quickly highlight errors in the balances of a loan.
The report shows:
The interest checker report is designed to quickly highlight errors in the interest charges of a loan.
The report contains two parts, the Interest Paid tab and the Offset Account tab.
The Interest Paid tab shows:
The Offset Account tab (Pro Version Only) shows:
The refund calculator report is designed to calculate the true cost of each error on your loan.
If an error happened some time ago you will have been paying additional interest on the error, and the refund amount could be considerably more than just the original error amount.
For example, you discover that your lender overcharged you 750 in an interest payment five years ago. Assuming you are charged monthly and the interest rate has been 7 percent for the past 5 years, you will have been charged approximately 262 extra in interest due to the error. Therefore the refund you need to ask for is 1,012 (= 750 + 262).
The longer the time period since the error, the more times the interest rates have changed and the more times you have been charged interest the more complicated the calculations become. Fortunately, the refund calculator does all the calculations for you automatically.
The report shows:
The report allows you to specify the date up to which to calculate the compounded interest on the error (referred to as Refund Date). By default this is set to today's date.
By setting the Error Tolerance value, the report allows you to display only those interest transactions that have a total refund amount over a certain value. For example you may wish to only display errors grater that 1.00 (thereby ignoring all small amounts).
The report automatically takes into account all interest rate changes from the date of the error to the refund date, any manual adjustments on the interest transactions, as well as all offset account benefits.
The daily interest report provides a day-by-day breakdown of the interest payable on a loan.
The report shows:
The report provides you with all the details you need to perform thorough audits on your loans and mortgages.
In addition, the report can:
If you are looking to save thousands in interest payments, then this report is the place to start.
The report lets you to enter a target loan term, allowing you to compare the total remaining interest on the original loan term (for example 30 years) with a new target (for example 20 years).
The report estimates how much you have to increase your repayments by, to meet the target you set, as well as the amount you will save if you meet your target.
Example Results
The following example report highlights that you can save 49,402 on a 100,000 loan, just by paying it off in 20 years instead of 30 years. The report shows this can be achieved by increasing the monthly repayments by approximately 133.24 for the next 18.06 years.
Loan Plan | Loan Term | Loan End Date | Remaining Loan Term | Estimated Repayment Amount | Estimated Outstanding Interest | |
Original Payout Plan | 30.00 | 23/04/2033 | 28.06 | 652.37 | 121,925.94 | |
Target Payout Plan | 20.00 | 26/04/2023 | 18.06 | 785.61 | 72,523.36 | |
Total Impact | 133.24 | -49,402.58 |
NOTE: The information was produced for a loan currently in its second year of repayments (that is, 28 years remaining), with monthly repayments.
The power of the report is that it keeps the estimates up to date based on the latest loan information. For example, if you set the target loan term to 20 years, and you are in the fifth year of repayments, it will show you the necessary repayment amount and total interest to pay over the remaining 15 years. If you run the report a year later, it provides estimates of the repayment amount for the remaining 14 years.
As well as the target loan term, you can change any of the following:
Note: You need to set a Loan Term on the Loan Account for the report information to be accurate. If the report displays Original Loan Term (years) 0.0" you will need to Edit the loan account and enter a value for the Loan Term.
If you are worried about the impact of future interest rate changes (and interest rate rises in particular) then this report will help.
The report lets you to enter a new interest rate for a loan, allowing you to see how much better or worse off you will be when interest rates change.
The report shows the old and new estimated repayment amounts and the total outstanding interest payment for the remainder of the loan.
You will know in advance how much extra a rate rise will cost you, allowing you to better prepare for it.
As well as the interest rate, you can change any of the following:
Note: You need to set a Loan Term on the Loan Account for the report information to be accurate. If the report displays Original Loan Term (years) 0.0" you will need to Edit the loan account and enter a value for the Loan Term.
The yearly totals report provides transaction totals grouped by category (detail) or parent category (summary).
The yearly comparison report allows the comparison of transaction totals by category (detail) or parent category (summary) between two years.
The statement comparison report allows the comparison of transaction totals by category (detail) or parent category (summary) between two statements.