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Regular vs principal payment

Discussion in 'Off-Topic Discussion' started by tractng, Feb 10, 2013.

  1. Feb 10, 2013 at 8:16 AM
    #1
    tractng

    #1
    tractng [OP] Well-Known Member

    Joined:
    Sep 9, 2010
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    Lets put aside principal payment since its really straight forward.

    I am curious how the bank, etc calculate regular advance payment. Lets say my normal monthly payment is 368 on the 5th of the month (4 years left on loan 1.99%, $17XXX balance yesterday).

    Yesterday I made a $3100 regular payment (now my balance is $14322) which pushed my next payment til Nov. 5.

    From reading the internet, I interpret that they will apply the amount to each month plus the usual interest?. Am I correct? Past months typical monthly interest was about $30.

    Anybody got a good explanation. I used to work at Credit Union, but I am just an IT guy:eek:
     
    tractng, Feb 10, 2013
    #1

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