Home Loan Interest Manager - Mortgage Reports

Loan and Mortgage Reports

Home Loan Interest Manager Pro provides you with a set of powerful reports to work with your loan and mortgage information. Click on the report name below or scroll down the page for more details on each.

1. Balance Checker Report
2. Interest Checker Report
3. Refund Calculator Report
4. Daily Interest Report
5. Increase Repayments Report
6. Detailed Payout Plan Report
7. Interest Rate Rise Report
8. Yearly Totals Report
9. Yearly Comparison Report
10. Statement Comparison Report

Note: Most of the reports will remain disabled until the account contains at least one statement.

Within Home Loan Interest Manager Pro 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. It estimates the correct balance based on the transaction amounts and then compares it to your statement balances. If there is an error it will show you the calculated balance, the difference between the balances and the impact this error is having on the remainder of the statement.

The balance checker is also a great way to list ALL the transactions in a loan in the one place.

The report shows:

1. All transaction in a loan (including interest rate changes).
2. Statement balances.
3. Estimated balance (when there is an error).
4. Differences between the balance amounts (when there is an error)
5. Total impact of the differences on the balance.

You can Edit Transactions directly from the Balance Checker Report by double-clicking on the transaction you wish to edit. If you only wish to change the Transaction Sort Order then you can change it in the Balance Checker Report by clicking on the sort order column (and a drop down list will appear).

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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.

NOTE: If you are having trouble matching the figures provided by your lender with the Home Loan Interest Manager Pro estimates, please refer to the Reconciliation Errors help topic.

The report contains two sections, the Interest Paid tab and the Offset Account tab.

The Interest Paid tab shows:

1. All interest transactions in the loan (where you have set the category to INTEREST).
2. A 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 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 shows:

1. All interest transactions in the loan.
2. A 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.

You can Edit Transactions directly from the Interest Checker Report by double-clicking on the transaction you wish to edit.

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Loan and Mortgage Refund Calculator Report

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 automatically does all the work for you.

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 difference between the two interest amounts.
6. Estimated compounded interest on the difference
7. Total Difference calculated as the estimated difference 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 difference (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

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 Increase Repayments Report

Can you really save thousands if you increase your repayments by the smallest of amounts? This report will show you. Enter a New Repayment Amount and instantly see how much you can save in interest and how much sooner you will repay your mortgage.

When you first open the report (or press the Reset button), the report will use the latest loan information and set the New Repayment Amount to the required amount to pay off the loan over the remaining term. The following are some of the powerful ways to use this report:

1. To find out how much you can save by increasing your repayments, enter the new repayment amount.
2. To find out how much you can save by making a one off-payment (eg 10,000), simply edit the balance and enter the new reduced balance. For example, if the balance is currently -100,000, enter a new value of -90,000. The report will then show you how much you will save if you stick to your current repayment amount with the new balance.
3. If you have an offset account, you can find out exactly how much it is going to save you over the life of your loan. When you open the report, by default the offset balance is not included in the calculations. Simple click the Allowable % radio button, and the Estimated Outstanding Interest will now show you your new total interest bill.

As well as the new repayment amount, you can change any of the following:

1. The interest rate.
2. The loan balance.
3. The option to include the offset balance (if applicable).
4. The repayment frequency.
5. The current date.

What is the minimum repayment amount?

The minimum repayment amount is the smallest amount you can enter into the report so that it just covers the interest charges. If you were to enter a repayment amount smaller than the minimum, then the loan would continue to grow indefinitely and you would never pay it off (also referred to as negative amortization). If you try to enter a number smaller than this amount, the report will override your figure with the minimum repayment amount.

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 close the report, Edit the loan account and enter a value for the Loan Term.

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Loan and Mortgage Detailed Payout Plan Report

If you are looking to save thousands in interest payments, then this report is the place to start.

Did you know that if you have a variable rate mortgage your lender will regularly adjust your repayment amount so that you stay on track to paying it off over the full term? They do not want you to pay it off sooner, so even if you get ahead in you repayments, your lender will reduce the amount they want you to repay, to stretch it back out to the full term. They know that if you have a 30 year loan, they can maximise their profit by letting the interest accumulate over 30 years.

The power of this report is that it lets you set the terms of your repayment, and then keeps you on track to achieving your goal. It does not matter if the bank changes the repayment amount, you make a one-off deposit (or withdrawal), interest rates change, etc, this report will continue to adjust your repayment amount to suite your payment terms, not the banks.

Each time you run the report it will show you how long you have left to reach your goal, and the new repayment amount required to achieve it. For example, if you set the target loan term to 20 years, and you are in the second year of repayments, it will show you the required repayment to finish paying the loan off in 18 years.

All you do is enter a Target Loan Term, and the report does the rest. The report also shows you the total interest you will save, by comparing the total remaining interest on the original loan term (for example 30 years) with your new target (for example 20 years).

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.

As well as the target loan term, you can change any of the following:

1. The interest rate.
2. The loan balance.
3. The option to include the offset balance (if applicable).
4. The repayment frequency.
5. 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 close the report, Edit the loan account and enter a value for the Loan Term.

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Loan and Mortgage Interest Rate Rise Report

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 close the report, 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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