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Updated over 6 years ago on . Most recent reply

Leland S.'s profile image
Leland S.'s profile image
Leland S.
  • Developer
  • from LA, Nashville TN
  • Member since Apr 5, 2015
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295
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Leland S.'s profile image
Leland S.'s profile image
Leland S.
  • Developer
  • from LA, Nashville TN
  • Member since Apr 5, 2015
Connect
Leland S.
  • Developer
  • LA, Nashville TN
75
Votes |
295
Posts
Private Lending & Conventional Mortgage Advice

Calculating daily interest for a lender

Leland S.
  • Developer
  • LA, Nashville TN
Posted

For my closing documentation I have a 12% interest HML. It appears they calculate the daily interest based on a 365 day/year calculation of the APR, then they round to the nearest penny. So now each day is carrying half penny higher. Is this standard practice?

I was just confused because my excel calculation was coming out less than theirs.

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