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Significant fluctuating interest

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New Visitor

Significant fluctuating interest

Hi, 

I recently maid a large extra payment on my installment loan and noticed the monthly

interest applied fluctuates more than an extra few days in a month. Does this schedule

make sense? The bolded payment are extra payments. 

 

07/05/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$591.72 $254.28 $0.00 $846.00 06/07/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$9,144.88 $21.30 $0.00 $9,166.18 06/05/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$491.95 $354.05 $0.00 $846.00 05/03/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$542.99 $303.01 $0.00 $846.00 04/05/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$507.83 $338.17 $0.00 $846.00 03/05/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$537.98 $308.02 $0.00 $846.00 02/05/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$491.28 $354.72 $0.00 $846.00 01/04/2019

AUTO PYMT NON-BOW CHK/SAV (ACH)

$267.41 $578.59 $0.00 $846.00 11/28/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$0.00 $1,692.00 $0.00 $1,692.00 06/14/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$498.31 $347.69 $0.00 $846.00 05/14/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$495.70 $350.30 $0.00 $846.00 04/13/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$504.40 $341.60 $0.00 $846.00 03/14/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$696.43 $149.57 $0.00 $846.00 03/01/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$4,815.07 $184.93 $0.00 $5,000.00 02/14/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$436.68 $409.32 $0.00 $846.00 01/12/2018

AUTO PYMT NON-BOW CHK/SAV (ACH)

$483.90 $362.10 $0.00 $846.00

Message 1 of 4
3 REPLIES 3
New Visitor

Re: Significant fluctuating interest

For clarification the second number is interest and $846 the total payment. 

Message 2 of 4
Regular Contributor

Re: Significant fluctuating interest

It does appear as if your monthly interest charges are going down. The good part is the extra payments are helping you save on future interest but remember the bank will continue charging interest everyday. Also make sure you are applying extra payments between your regular due date payments directly toward the principal (if allowed by your lender). Furthermore you can always call them and have them explain any charges including your amortization schedule for the duration of the loan. Here's a calculator I always use while sitting in the finance office right before I sign any papers. It is found at www.calculator.net (auto loan calculator).
I've been where you are trying to go and I don't wanna go back.
Message 3 of 4
Established Contributor

Re: Significant fluctuating interest

If you get me the original loan balance, loan rate, and date of first payment.

I will be be glad to plug in your subsequent payments with dates and let you know where you should be.

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Message 4 of 4
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