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.
Calculating Monthly Payments. Help you determine the monthly payment and interest costs of a loan, and show you the number of hours you will need to work to pay the interest. This easy loan calculator will help you to quickly calculate the monthly payment and total interest cost for an amount of money you are looking to borrow.