One of my banks vs. reality - Finally time for me to ask a Q :)

[Cody L.]

With every bank save one, I can put my loan amount, rate, and am into a calculator (my XLS or online) and it'll spit out a payment (and am table) that matches what I pay my bank.

Example: I have a 2.42m loan with Freddie at 4.67%, 30 year am.  Put that into any calculator and it'll show a payment of $13,654.81.  Which is what they take from me.

However, one local bank does some odd calculation where they use a 360 day year (I think that's it) or something.  Anyway, that fact doesn't bother me as much as the fact I can't seem to get my own or any online calculator to give me a payment that matches what they charge. 

Example: I have a $3.2m loan with this local bank.  4.5%.  20 year am.  Should be $20,244.78/month, but they charge me $20,355.58.  As you can see, we're not talking big numbers in terms of % differences but this is diving me nuts. It also means I can't use my own calculator to factor interst (or principle) paid (yes, I know they send you tax info but I put that info into my system based on what my calcs say I paid as part of my payments, as it should match what they report)

If anyone knows the formal to use to type in this kind of loan (you can use the $3.2m example above and see if you can get something to say you should pay $20,355.58), please let me know.  I'd love to have an XLS or website that would work.

Thanks in advance...

(PS: Put this in buy/sell RE forum as it didn't seem to be for flips or wholesale or burrr or anything like that. So mods, if wrong forum, feel free to move)

Cody

[Nick G.]

@Cody L. haha, I hear you. Try that calculator I linked you too, it's fairly customizable which I like. 

Only possibly thing I can think of is that they're compounding the interest at a more aggressive frequency somehow. Normally continually compounding interest = daily, but maybe they're compounding it twice daily or some nonsense. Not sure, wish I could help you more, man. If you figure it out, I'd love to know what the heck they're doing.