Why my biweekly payment not matching to Banks Calculation?

[OurRealtor]

This is from certain bank based in ON



Original Balance:$123,601.31

Outstanding Principal:$115,957.79

Original Amortization:180

Actual Months Remaining:161



Interest Details



Interest Rate:2.70%

Accrued Interest:$42.89

Maturity Date:26 Mar 2015

Mortgage Term:60 months

Mortgage Type:Variable




Payment Details



Payment Frequency:Bi-weekly-24

Payment Due Date:22 Apr 2011

Regular Payment:$396.28

(includes principal & interest)

____________

Total Regular Payment:$ 396.28





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Here is my calculation based on their own figures:

Biweekly Interest Rate: 0.001118099

Biweekly Payments=$123,601.31x[0.001118099/(1-(1.001118099)^-360]=$417.25



Please comment about discrepancy and their variable rates, is it good deal?

Is it not matching due to variable rate?

How are they calculating Accrued Interest:$42.89? I have no idea. Please help.

 

[invst4profit]

The discrepancy is most likely due to when, what interval, they calculate the interest on. Ask the bank.