Mortgage Calculator Issues

[Dan L.]

Hi All,

Wondering if you could help...

I am working on a Google spreadsheet to automate some tracking of different bills I have. One bill I am working on is a seller financing calculator. I have run into a problem...

I have a $141,000 seller-financing note I owe with 6% interest. When we came up with the purchase price, the online calculator said my monthly payment would be $845 per month. Seller agreed. I agreed. Lawyers agreed. We moved forward.

A year later… However, when I try to make this Google spreadsheet, it actually says that my monthly payment should have been $845.37. Which, this is throwing off my calculations!

I looked at the top 3 mortgage calculators that came up on Google search. Two of them say $845 and only one says $845.37.

I know most of the time nobody's going to care about the $0.37. Over the course of 30 years, that $0.37 only adds on about $200. Just wondering if anyone has seen issues like this before, or have any suggestions where to obtain the definitive answers.

Thanks