Convert an annual rate to a daily rate and compare how common day-count bases change the interest for a selected number of days.
The sample values are calculated automatically. Enter your own information for a new estimate.
These calculators provide mathematical estimates for education and planning. Loan agreements, lender practices, fees, taxes, payment dates, and rounding can change actual results.
How the calculation works
Per-diem interest is the interest charged for one day. It is often used when estimating a loan payoff between scheduled payment dates.
Actual/360 divides the annual rate by 360 even though the calendar has 365 or 366 days, so its daily charge is larger than Actual/365 for the same stated rate.
The correct convention comes from the note, loan agreement, or lender payoff statement.
Use the free online amortization calculator to view every payment, annual totals, charts, extra payments, rate changes, and balloon dates.
Open the free schedule calculatorAmortization Pro lets you edit individual payment rows, save and retrieve loans, export CSV files, and print complete reports. One-time price: $25.
Download Amortization ProPer diem means per day. A payoff statement may add one per-diem amount for each day after a stated payoff date.
The same annual rate is divided by a smaller denominator, which creates a larger daily rate.
No. It calculates simple daily interest. Use the compound interest calculator for daily compounding.