At Bankrate.com I entered in 152000 for the mortgage, 7.13 for the interest rate and 1024.57 for the monthly payment.
For some reason my loan calculations were off from Bankrate.com. Excel gave me 216839.12 as the total interest paid on the loan while Bankrate returns 216843.46. A difference of 4.34.
Then I noticed the amount being applied to principle and interest on Bankrate. Bankrate is putting 121.23 on principle and 903.13 on interest. 121.13+903.13 = 1024.56. A penny less than our payment.
So apparently Bankrate.com is doing Superman math. By the end of the loan, all those pennies eaten by Bankrate’s calculations cost 4.34 in additional interest.
