I am looking to buy a new home and as part of the payment spreadsheet is a value called Interest Proration. Seems to fluctuate greatly based on how much I put down however am unsure of what it is or how it's calculated. Any help would be appreciated. Thanks.
JR
>
>
>
>
>
>
>
Mortgage payments are generally due on the first of the month. Mortgages run for a whole number of months. Closings can occur any time during a month. I suspect that amount represents the interest between the closing date and the first of the next month. Seth
Have something to add? Share your thoughts — no account required.
Ask the community — no account required