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.
Use our mortgage loan calculator to determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest. Click on âShow Amortizationâ Table to see how much interest youâll pay each month and over the lifetime of the loan.hen click on the amortization table to see how much interest you'll pay over the life of the loan. Add extra payments to find out how they can put your payoff schedule on the fast-track and save you thousands. Keep in mind that this calculator only calculates the mortgage payment.