Loan and Mortage Reports

The following reports are documented on this page:

  1. Balance Checker Report
  2. Interest Checker Report
  3. Refund Calculator Report (Pro Version Only)
  4. Daily Interest Report (Pro Version Only)
  5. Detailed Payout Plan Report (Pro Version Only)
  6. Interest Rate Rise Report (Pro Version Only)
  7. Yearly Totals Report
  8. Yearly Comparison Report
  9. Statement Comparison Report

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).


Loan and Mortgage Balance Checker Report

The balance checker report is designed to quickly highlight errors in the balances of a loan.

The report shows:

  1. All transaction in a loan (including interest rate changes).
  2. Statement balances.
  3. Estimated balances.
  4. Differences between the balance amounts.

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Loan and Mortgage Interest Checker Report

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:

  1. All interest transactions in the loan.
  2. Date range for each interest transaction and the number of days in the date range.
  3. Statement interest paid amount.
  4. Estimated interest paid amount.
  5. Estimated error being the difference between the two interest amounts. If the amount is positive then you have been overcharged. If the amount is negative then you have been undercharged.
  6. A column containing notes. If you navigate the mouse to one of the information icons, a text box will be displayed containing relevant information to the interest transaction and/or calculated estimate.

The Offset Account tab (Pro Version Only) shows:

  1. All interest transactions in the loan.
  2. Date range for each interest transaction and the number of days in the date range.
  3. Statement interest paid amount.
  4. Estimated interest paid amount.
  5. Estimated offset account interest amount.
  6. Estimated interest payable if there was no offset account.

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Loan and Mortgage Refund Calculator Report (Pro Version Only)

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:

  1. All interest transactions in the loan that have a total refund amount greater than the tolerance specified.
  2. Date range for each interest transaction and the number of days in the date range.
  3. Statement interest paid amount.
  4. Estimated interest paid amount.
  5. Estimated error being the difference between the two interest amounts.
  6. Estimated compounded interest on the error
  7. Total Refund calculated as the estimated error plus any compounded interest. If the amount is positive then you have been overcharged. If the amount is negative then you have been undercharged.
  8. A column containing notes. If you navigate the mouse to one of the information icons, a text box will be displayed containing relevant information to the interest transaction and/or calculated estimate.

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.

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Loan and Mortgage Daily Interest Report (Pro Version Only)

The daily interest report provides a day-by-day breakdown of the interest payable on a loan.

The report shows:

  1. Loan balances, daily interest rates, and interest payable amounts.
  2. Offset Account (if one exists) balances, daily interest rates, and interest payable amounts.
  3. Differences between the two interest payable amounts (being the amount you should have been charged).

The report provides you with all the details you need to perform thorough audits on your loans and mortgages.

In addition, the report can:

  1. Help you find out the total amount of interest that you should have been charged between any two dates (enter the Start Date and End Date as required).
  2. Help you if you have to query an interest charge or error with your lender. It is common practice for your lender to send you a detailed breakdown of their calculation for the period in question, and this report will let you audit their calculations.
  3. Help you if you have limited financial knowledge and are having difficulties reconciling or understanding why your lender is charging you a certain amount of interest for a given period (week, month, year, etc). With a list of the daily interest payments, and the use of a calculator/spreadsheet you can add/subtract the daily amounts in the period to find answers.
  4. Help you if you have advance financial knowledge and wish to perform detailed financial analysis. The report results can be loaded into a spreadsheet, or other analytical software.

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Loan and Mortgage Detailed Payout Plan Report (Pro Version Only)

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:

  1. The interest rate.
  2. The loan balance.
  3. The repayment frequency.
  4. The current date.

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.

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Loan and Mortgage Interest Rate Rise Report (Pro Version Only)

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:

  1. The loan balance.
  2. The repayment frequency.
  3. The current date.

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.

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Loan and Mortgage Yearly Totals Report

The yearly totals report provides transaction totals grouped by category (detail) or parent category (summary).

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Loan and Mortgage Yearly Comparison Report

The yearly comparison report allows the comparison of transaction totals by category (detail) or parent category (summary) between two years.

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Loan and Mortgage Statement Comparison Report

The statement comparison report allows the comparison of transaction totals by category (detail) or parent category (summary) between two statements.

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