Can someone explain to me how a 365/360 amortization works? - 365/360 amortization calculators
We have loan documents, the higher cost of $ 37 per month if there is a simple calculation of depreciation, as you would be online on a simulator. It is about $ 7000 more in the life of the loan. We feel a little "bait and switch occurred.
Sunday, February 7, 2010
365/360 Amortization Calculators Can Someone Explain To Me How A 365/360 Amortization Works?
3 comments:
though I never seen him that ... This would mean that you have a loan of EUR 365 per month for 360 months. This means that your last payment was a balloon. Your payments should be really cheap.
$ 7,000 in interest for the entire duration of the loan sounds right in terms of their loans to the 20-30 years.
365/360 Ammortization basically the same, separation of the monthly amounts, so that the entire loan will be paid in equal installments. Bankers Use 360 days per year assumes that each month has 30 days, and other lenders to go the 365 calendar days.
First mortgage loans are always calculated with 360th Most HELOCs and 2nd Mortgage same.There not bait and switch here, only the application of computer-industry standard depreciation.
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