Can someone explain a daily compounded mortgage to me? - refinancing calculator
I have a mortgage on 1/24/07. Bank says our first payment of 4 / 12. I paid on time (early actually) every month and the first 2 months were primarily the payment of interest. Each mortgage amortization calculator I have said that something that interest must be applied. When I saw the bank (Wachovia), said that my interest is more difficult each day.
I have to look elsewhere to refinance?
Saturday, January 9, 2010
Refinancing Calculator Can Someone Explain A Daily Compounded Mortgage To Me?
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This explains why the interest rate:
http://www.investopedia.com/terms/p/peri ...
The more often interest is estimated at more interest you'll pay at a certain rate. Suppose you have) a mortgage of 10% up to $ 1,000 (for simple math. His interest is $ 100, if it was calculated, and once a year. However, if you have the calculation and payment every month, you can end up paying $ 1104.70 for the whole year - at an annual rate of 10.47% effective, you need to compare the rate of the "annual percentage rate (APR) when shopping for a new mortgage.
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