An interest earned when a mortgage or loan with closed-end installments begins on any day other than the first day of the month. Suppose you get a loan to buy a house on April 10th, you would have to pay interests for 20 days (from April 10 to 30). These interests are added to the first month payment. From then on, payments will due on the 1st. of each month. If the loan has fixed quotas, remaining monthly payments would be uniform. Also called interim interest.
Related information about odd-days interest:
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Interest that is earned from a mortgage or other loan with closed-end installments that contain a nonstandard payment period. In most cases, the additional ...
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Odd Days Interest Interest earned in a mortgage or closed-end installment loan during a time interval that is either longer or shorter than other loan.
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The interest that accrues on a loan during a period either longer or shorter than the normal period during which interest accrues. For example, if interest is ...
- What is odd-days interest? definition and meaning
Definition of odd-days interest: An interest earned when a mortgage or loan with closed-end installments begins on any day other than the first day of the month.
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Oct 27, 2008 ... OCC WIN Calculator - Odd Days Interest. ... Does this mean that for these loans we will need to collect odd days interest at closing? At present ...
- Odd Days Can Be Interesting
Odd days interest can be a cause of finance charge problems. The regulation, 12 CFR §226.17(c)(4), allows the creditor to disregard odd days for the purposes ...