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Updated over 3 years ago, 04/05/2021
360 loan calculators and questions
does someone have a link to 360 commercial loan calculators?
We are at the end of our loan in 8 months. I want to double check the banks figures
I am looking at Actual/360 vs 30/360
I would also ask the lending experts here is it normal to have a per diem column on an amortization schedule?
There is about 3 months payments added on as a due on completion. Is this normal?
Promissory note has no balloon described. No description of per diem. No amortization schedule was attached to my documents
It does note unpaid principle will be due on maturity date
language
interest is being calculated and on the basis of a 360 day years ("Actual/360 Basis") Monthly Payment will be calculated on the basis of a 360 Day year consisting of 12 months of 30 days each ("30/360 Basis")
I find this odd as with a brief research I find the the actual/360 is a greater number should this not been the use for a monthly payment rather than tacking it on? Why use both in the description in the note?
Thanks in advance