Return to the Buying and Selling Homes Forum | Post a Follow-Up

 o
Monthly Mortgage Interest Calculation

Posted by tryingtogetby (My Page) on
Fri, Jun 28, 13 at 18:23

From my monthly mortgage statement, if I divide the interest rate by 12 months and multiply the result by the principal balance, should I get the interest charge for the month?

I'm looking at my statement and though it displays the proper interest rate, the effective rate when I do the calculation is higher.


Follow-Up Postings:

 o
RE: Monthly Mortgage Interest Calculation

Try dividing by the number of days in a year and multiplying by number of days in your payment term (30, 31, 28, etc) Don't forget your principle and your payoff amount aren't the same... It should be close.


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here