Originally Posted by

**Wilmer** What you have here is a loan that was originally contracted assuming

12 "monthly" payments per year (monthly means 1/12 of a year), thus

payments "due" on last day of each month; however making payments

on 22nd or thereabouts is an "arrangement" with the lender.

In the long run, a bit of interest is saved (payments received sooner).

With computers that's no problem, as the interest is calculated using

the exact number of days in between payments, thus the result of

irregular interest amounts.

With the info you provided, it is not possible to calculate the original

amount, but a fairly accurate estimate of the payoff date is easy enough.

> 08/20/09 PRINCIPAL PAYMENT +$344.55

> 08/20/09 INTEREST PAYMENT +$419.35

> 07/20/09 PRINCIPAL PAYMENT +$355.59

> 07/20/09 INTEREST PAYMENT +$408.31

> 06/22/09 PRINCIPAL PAYMENT +$339.52

> 06/22/09 INTEREST PAYMENT +$424.38

We can use a "rough" estimate of the current monthly interest;

pick your poison...I'll use $420:

.08/12 times balance = 420

balance = 420 / (.08/12) = 63,000 (currently owing, approximately)

The current payment of 763.90 will pay that off in 120 months.

(easily calculated by formula, or a $9.99 financial calculator!)