The mortgage interest rate is just not right

wnlewis's Avatar

wnlewis

11 Jan, 2022 01:58 AM

In order to get $405.22 for the withdrawal amount, I have to use 3.62498% and not 3.625.

However, this miscalculates the interest and the principal.

I need an answer to this problem.

wnlewis

  1. 1 Posted by mhoggie on 11 Jan, 2022 03:26 AM

    mhoggie's Avatar

    just a user,

    I think the loan payment calculation is just very general. A lot depends on when they start taking interest. I think now days the interest charged is based on how many days of accumulated interest against the remaining daily balance. That will vary from the date you take the loan and your payment date. I found the best is to manually set the payment amount and let MD do its best to calculate the interest. It will be close and you'll just be a few dollars off when you make the last payment.

  2. System closed this discussion on 12 Apr, 2022 03:30 AM.

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