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.
Typically you take the balance of the loan and multiply it by the interest rate (2370.28*.03). The number you get is the amount of interest accrued over the course of a year ($71.1084), you would then divide by 365 to get a daily interest amount ($0.1948) and multiply by the number of days since your last payment.