While looking through some old bills, I stumbled upon my original payment note from GMAC Mortgage Company. On my statement for my first payment, it listed the amount due as $313.96; however, when you don't calculate the $42.50 escrow for that month and only take into account the principal and interest, which is what the bill lists as the $313.96 charge, the amount should only be $236.56. Here is my math: Principal of $40, 700, Interest rate of 4.625. P * 0.04625 = I. I+P=V. Now, my term was 15 years. So… V/15)/12)=M where M is the monthly payment. In this case, I'm getting M=$236.56 not $313.96. The discrepancy is no where to be found on my bill and even when adding escrow, which is listed, the amounts are not equal. My question is, "Is my math incorrect or am I being charged unjustly?" Thanks for the help.
Read more: My home mortgage payment doesn't match my bill?
