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Mortgage Amortization Calculator Quicken Loans
www.quickenloans.com Ever wonder how much interest you pay over the life of your mortgage? Ever wonder how much an interest rate affects how much ...
Can someone explain a daily compounded mortgage to me?
I got a mortgage on 1/24/07. Bank said our first payment was due on 4/12. I have paid on time (early actually) every month and the first 2 months payments went entirely to interest. Every mortgage amortization calculator I've found says that SOMETHING should be applied to interest. When I called the bank (Wachovia), they said my interest is compounded daily.
Should I look to refinance somewhere else??
This explains how your interest rate works:
http://www.investopedia.com/terms/p/periodic_interest_rate.asp
The more frequently your interest is calculated the more you will pay in interest for any given rate. Say you have a 10% mortgage for $1,000 (to make the maths easy). Your interest is $100 if you did the calculation, and paid, once a year. However if you did the calculation and paid every month, you would end up paying $1,104.70 over the year -- an effective annual interest rate of 10.47% You need to compare the effective annual interest rate (APR) when shopping for a new mortgage.
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