This is how a lease option should work: After securing the go-ahead from a mortgage broker and before moving in, your potential buyer will give you a healthy, nonrefundable deposit to go toward the down payment of the house -- typically, 3 to 5 percent of the purchase price.
The amount of interest that accrues on your loan is determined by a simple daily interest calculation: Your current principal balance Ã The number of days since your last payment Ã Interest rate factor = interest rate Ã· 365.25 (number of days in a year) = Your daily interest rate.
Estimate how much you save by making payments sooner. Generally, interest on student loans is calculated daily. The daily interest is the amount of interest that you would normally be required to pay each month on your loan. Use this calculator to: 1  Figure out the interest amount owed since your last payment. 2  Experiment with the number of days field to see how making payments earlier results in a lower interest amount.