Error in interest amount?

Dave17 · Joined: 28 Nov 2008 Posts: 1

Hi,

I hope this is the right forum for this. I assume I am doing something wrong, so I am "learning" :)

I have an existing mortgage and something has been bugging me for the longest time. I have a spreadsheet I created so that I can track various parts of my amortization. I am sure the formulas are correct, as if I plug the same numbers into any online calculator, the values match perfectly.

However, the interest payment I am seeing on my actual mortgage is a little lower than my, or any online calculators, suggest it should be.

It is a variable rate (currently 2.35%) Canadian mortgage with accelerated bi-weekly payments. We have fixed our payments to a value substantially higher than the minimum needed.

Here is an example payment period.

Balance: $234,454.34
Interest should be, according to any online calculation that I can find, $210.77.

However, the interest actually charged in this period is $210.19 (I phoned the mortgage company for the breakdown and this is the value they told me).

Can any mortgage beancounter tell me why these values may differ?

Thanks,

Dave...