How is interest rate calculated for a floating mortgage

I am trying to calculate the amount of interest I need to pay for a mortgage that just turned from fixed to floating.

• Current balance is: -550,000
• Interest rate: 5.95%
• Original term: 30 years

The monthly interest is calculated as:

• 550000*0.0595/12 = 2727.08333

The fortnightly interest is calculated as:

• 2727.08333/2 = 1363.54

Was I correct?