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.
Three Methods: Examine the Equation for the Mortgage Payment Convert the Mortgage Interest Calculate the Mortgage Interest. The interest on a loan is the amount of money you pay to a lender. Itâs typically provided as a percentage, such that the interest rate is a given fraction of the loan amount (principle). is the amount of the payment, P is the principle, i is the interest rate and n is the number of payments required to pay off the loan. Ad. 2. Determine the total amount of money that will be paid.