Which is better - daily simple interest or normal amortization?

i've heard of those as well, of course, and like you, i had a hard time getting them. i guess i'm just a skeptic, and i agree with you that consumers have mountains of ways to save substantial amounts of money without having to dole out a ton to find the "secret."

there's a song lyric that tells us that "secrets lie within" and i can't help but say that there's lots of truth to that. thanks again, howard.

I am guessing that with the simple interest loan the due date changes each month as a payment is made. For example, make a payment 15 December, you will need to make another payment and have it received and credited 30 days later to avoid a higher interest payment that a standard mortgage. Is that correct?

The due fate for paying the mortgage dues will be given to you by your lender. You will have to make the payments on that date.

I am looking for a more specific answer. Simply put, does the due date on a SIM change based on when the last payment is made and credited, or is it a fixed day of the month each month?

Hi Mike,

As far as I know, the payment date remains fixed. It will not change along with the last payment date.

Makes sense the scheduled due date does not change. However, if you make an early payment say on the 20th, with a due date of the 1st of the month, the first time you do it you will save 10 days of interest.

However, if the next payment you wait to pay on the scheduled 1st day of that month, you will be charged with 10 days extra interest, negating the 10 days interest you saved in the prior month.

Thats, my understanding at least to how this would work, unless someone has a different opinion.