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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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that didn't look like much of a question, sussane.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Guest
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| Amount of balance x interest rate, divide by 365 then x days between each payment. This will give interest amount you pay....the rest of the payment goes toward principle. |
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Guest
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| lets say you have a loan for $32,000 at 6.5% interest. 32,000 x .065= 208.00 divdided by 365 (days in a year) =$56.84 daily interest. Multiply $56.84 for each day between each payment to get the interest amount of your payment and the rest of the payment goes toward the principle balance. $56.84 x 30 days = $170.52 You make a payment of $300.00 and it will show $32,000 - $170.52 (interest) $129.48 (principle) paid. Bringing the balance owed $31,870.52 |
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ro
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Post subject: daily rate on Heloc |
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I have a outstanding loan of $100,440.00 and the bank modified my loan to .50% for the term of the loan 322 payments with daily simply interest.
is the a good deal or is there a catch somewhere? No prepay penalty. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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ro you are talking about one-half of one per cent? is that a real number you cited? and it remains for the remaining term of your loan (27 years?). even if it's daily simple interest and you exceed the normal amount of days periodically (30), the savings will be astronomical compared to ordinary rates.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Yrrep1234
Guest
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Post subject: Payoff of Loan |
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| I owe $24000.00. I make a monthly payment of $618.57. My interest payment is at 8.9%. How do I figure my monthly interest on this loan ? |
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marklavender1
Joined: 13 Sep 2009
Posts: 120
-0.14 Dollars($)
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it will be 24000 * 8.9 / 1200. it comes out to be $178.
note that it will reduce month after month as apart from monthly interest payment your are paying towards principal reduction as well. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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that response doesn't look clear enough to me. so, yrrep1234, here's my take on it:
loan amount times interest rate divided by 12 = one month's interest. i trust that is helpful.
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George M. Akerley
Loan Consultant
860-221-5044 |
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angle
Guest
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Post subject: line of credit for a full mortgague |
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ok my bank gave me a line of credit for 147600 for 30yrs at 6.675 so it originated on 1-1-08 with first payment due on 2/12/08 so I started making the payment i month early on 1-12-08 and when I check on line with the bank it allows me about 368.00 of principle and 631.00 of intrest.
so they do not have a amoritazation schedule on this simple int loan and I am trying to understand how they calculate the daily. They did tell me that the intrest is calculated in each month twice in two periods. I notice if I am sometimes a few days early or late the principle amount credited changes dramatically and it I make a Principle only payment and a early payment I only get credit a intrest reduction on the principle prepayment and the mortguage payment is shown at full intrest no principle reduction
point trying to use an early payment system to shorten the amount owned with out using cash to prepay the principle
thank you |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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i'm sorry, guest, but your post didn't quite get your point across. i couldn't understand exactly what's taking place, other than that you feel you're not making inroads into your principal balance as you thought you'd be able to do.
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George M. Akerley
Loan Consultant
860-221-5044 |
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anony
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Post subject: |
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| How and what do I charge for daily interest on a $1500. loan at 8% interest |
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savior70
Joined: 25 Mar 2009
Posts: 1783
Location: Florida
239.40 Dollars($)
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Hi anony,
You're charging an interest rate of 8% per annum on the loan, right? I'm not sure how you'd charge a daily interest rate when you're already charging an interest rate on a yearly basis. However, if there has already been a loan agreement in place between you and your borrower, I don't think you can change the terms of the agreement and start charging interest on a daily basis, rather than on a yearly basis. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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Post subject: |
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no matter...on an annual interest rate of 8%, there will still be interest earned/charged on a daily basis. if you simply take your loan amount of $1500 X 8%, which equals $120 and divide that by 365 days of the year, you'll find that the interest on a daily basis would be .329 (33 cents). as the balance goes down, of course, that number would decline accordingly.
the easiest way to do your calculations, anony, is to do them on a monthly basis: given $120 annual as the initial calculation, your first month's interest would be $10.
now keep in mind that subsequent months must be done individually, so depending on the new remaining balance (how much is still owed) after the first payment, you'd again multiply by 8% and divide by 12 to come up with a monthly figure.
i hope this isn't too convoluted.
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George M. Akerley
Loan Consultant
860-221-5044 |
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