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Mortgage Amortization Chart

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Morticia

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OK, math gurus...tell me where I can find a mortgage calc with an amortization chart that calcs using the 365/360 formula. I can find tons of places that try to explain it, but no one has the calculator.
OR, tell me how to do the calc myself.
Frustration reigns here right now as we review the printout sent by the bank that shows our payments going all over the place. One month we pay $x in interest, the next month we pay $x+500 in interest (and the corresponding -$500 on principal). We're tearing our hair out.
 

GeorgiaGirl

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Have you tried bankrate.com? I don't know if they have what you need but can't hurt to look.
 

seashanty

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would this help?
http://www.mortgageloancalculating.com/
free home mortgage calculating ... you'd need to run the scan to be sure the download is safe.
 

Morticia

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The problem is the 'usual' mort calcs are not '365/360.' All of the ones I've tried come out with different numbers than what the bank sent me. When I asked about that, they said they use a 365/360 calculator.
 

Morticia

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We talked to the bank this morning. They wanted us to switch programs with them and we couldn't figure out why we should do that. After talking with them we're sticking with what we have. We're never going to 'pay off' this mortgage anyway, it's just a matter of getting the most bang for the buck.
 

Innkeeper To Go

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The 365/360 calculator will give you different numbers because the bank is using 30 day months, or a 360 day calendar instead of the actual 365 days. It's actually not unusual.
I think bankrate.com has a 365/360 conversion calculator online.
 

Innkeeper To Go

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We talked to the bank this morning. They wanted us to switch programs with them and we couldn't figure out why we should do that. After talking with them we're sticking with what we have. We're never going to 'pay off' this mortgage anyway, it's just a matter of getting the most bang for the buck..
Sounds like a smart move on your part.
 
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