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Partial month interest calculation

Partial month interest calculation

Selling our home in Hawaii to my wife's daughter. The bank is calculating the first month's interest based on actual days/365 days (31 days in January), instead of a 30/360 calculation. This seems incorrect for a mortgage loan, but the loan officer insists this is correct.

Can anyone confirm the correct calculation for a partial month's interest on the Settlement Statement?


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Anonymous (not verified)
5-01-2015

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