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Monthly payment more at bank then when I run numbers through amortization *UPDATED*
Posted on 4/24/18 at 9:20 pm
Posted on 4/24/18 at 9:20 pm
$38,000, 5.25%, 15 years.
Amortization calculator says = $305.47
Bank says monthly payment = $320.75
Can someone explain the difference between the two?
**ETA: The bank monthly figure was the amount if I went up to the amount approved for the loan. Thanks for the various inputs.
Amortization calculator says = $305.47
Bank says monthly payment = $320.75
Can someone explain the difference between the two?
**ETA: The bank monthly figure was the amount if I went up to the amount approved for the loan. Thanks for the various inputs.
This post was edited on 4/25/18 at 2:32 pm
9
Posted on 4/24/18 at 9:28 pm to WPBTiger
And then?
Posted on 4/24/18 at 9:30 pm to WPBTiger
Did they roll some fees into the loan?
Posted on 4/24/18 at 10:14 pm to WPBTiger
This happened to me once and they rolled an extended warranty into the auto loan without telling me. I’d check their numbers before I sign anything.
Posted on 4/24/18 at 10:21 pm to WPBTiger
Your numbers are right. They probably snuck in some sort of monthly fee or insurance that you didn’t realize you agreed to. I recently too out a small loan and they tried to tack on $25/month for loan insurance. If I hadn’t ran the numbers before and known what my actual monthly payment would be, I would never have known.
Posted on 4/25/18 at 8:08 am to WPBTiger
Anyone know of a good amortization app to use when sitting in a dealership and negotiating price? That way you can catch it instantaneously.
Thanks
Thanks
Posted on 4/25/18 at 8:29 am to WPBTiger
When’s you first payment due? Could be increasing the actual balance prior to payment.
Posted on 4/25/18 at 8:37 am to ThatsAFactJack
quicken's app is what i use.
Posted on 4/25/18 at 8:52 am to WPBTiger
Most likely, it's because of a different interest accrual method. Most online calculators use the simplest 360/360 calculation (which is funny because it's a hold over from the days before computers). The method the bank is using is in your disclosures. Very high probability the bank using Actual/365 or Actual/360. My guess is the bank is using Actual/360.
Posted on 4/25/18 at 9:10 am to Hand
So he has a 5% increase in his payment because of this? Not likely. I’ve used apps and online calculators and have been within a penny on multiple loans through multiple banks.
If his monthly payment (this month and going forward) is that much higher, they snuck something in. If it’s just the first month, it’s likely the extra interest (longer period) from when the loan started until the first payment.
If his monthly payment (this month and going forward) is that much higher, they snuck something in. If it’s just the first month, it’s likely the extra interest (longer period) from when the loan started until the first payment.
Posted on 4/25/18 at 10:55 am to WPBTiger
May I suggest calling the bank?
Posted on 4/25/18 at 12:02 pm to brian_wilson
quote:
May I suggest calling the bank?
This is often a good place to start. They know all the terms of the contract, nobody on TD does.
Posted on 4/26/18 at 3:01 pm to WPBTiger
Credit life ins added to your note. Sneaky bankers do it a lot. I used to be a sneaky banker.
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