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 Simple Interest Calculation Formula is: Loan Amount (in dollars and cents) x Interest Rate x Time (in days) = Total Interest. You must select the values to enter the Starting Month, Day and Year, and the Ending Month, Day and Year for the time of loan. Enter the amount of the loan and the simple interest rate. Click on Calculate. The calculation is done in days, EXACT calendar days!
Calculating per diem interest on your mortgage is easy. Per diem interest is interest on a mortgage loan which is calculated for one day. While interest is always paid in arrears when making mortgage payments, there is a time when a borrower pays it in advance. This advance payment is done at the closing of a mortgage loan.