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.
How to figure interest on mortgage loans. With a mortgage you pay interest every month on the entire unpaid balance. Here's how it works. Let's say you borrowed $100,000 to buy a house at a high interest rate, of 9%, for 30 years.To find the interest we owe for the first month, first we take 9% of the $100,000 balance, which is $9,000.Then we divide by 12 because there are 12 months in a year and you're paying interest only for that month. So $9,000 12 = $750. That's how much interest you pay in the first month.The total payment on your loan is $805, so $750 goes towards interest, and only $55 goes towards principal -- meaning only $55 goes towards paying back the $100,000 you borrowed.et's say you borrowed $100,000 to buy a house at a high interest rate, of 9%, for 30 years. To find the interest we owe for the first month, first we take 9% of the $100,000 balance, which is $9,000. Then we divide by 12 because there are 12 months in a year and you're paying interest only for that month.