# Per Diem Interest Calculator and Explanation

Per diem is Latin for "for a day." So naturally, if you add the word “interest”, per diem interest means the amount of interest for one day.

Most mortgage lenders will charge you interest on a loan from the date of the closing (settlement date) to the end of the month. For example, if you close on the first day of the month, you will pay interest on the loan from the 1st until the last day of the month. Count the closing day.

 PER DIEM INTEREST CALCULATOR Loan Amount Interest Rate 0.000 % 1.000 % 1.125 % 1.250 % 1.375 % 1.500 % 1.625 % 1.750 % 1.875 % 2.000 % 2.125 % 2.250 % 2.375 % 2.500 % 2.625 % 2.750 % 2.875 % 3.000 % 3.125 % 3.250 % 3.375 % 3.500 % 3.625 % 3.750 % 3.875 % 4.000 % 4.125 % 4.250 % 4.375 % 4.500 % 4.625 % 4.750 % 4.875 % 5.000 % 5.125 % 5.250 % 5.375 % 5.500 % 5.625 % 5.750 % 5.875 % 6.000 % 6.125 % 6.250 % 6.375 % 6.500 % 6.625 % 6.750 % 6.875 % 7.000 % 7.125 % 7.250 % 7.375 % 7.500 % 7.625 % 7.750 % 7.875 % 8.000 % 8.125 % 8.250 % 8.375 % 8.500 % 8.625 % 8.750 % 8.875 % 9.000 % 9.125 % 9.250 % 9.375 % 9.500 % 9.625 % 9.750 % 9.875 % 10.000 % 10.125 % 10.250 % 10.375 % 10.500 % 10.625 % 10.750 % 10.875 % 11.000 % 11.125 % 11.250 % 11.375 % 11.500 % 11.625 % 11.750 % 11.875 % 12.000 % Annual Proration 360 Days 365 Days 366 Days Number of Days 1 Days 2 Days 3 Days 4 Days 5 Days 6 Days 7 Days 8 Days 9 Days 10 Days 11 Days 12 Days 13 Days 14 Days 15 Days 16 Days 17 Days 18 Days 19 Days 20 Days 21 Days 22 Days 23 Days 24 Days 25 Days 26 Days 27 Days 28 Days 29 Days 30 Days 31 Days Daily Interest Result

If you settle your loan on the 15th day of the month, and the month has 30 days, you will pay 15 days' interest on the loan.

And one more illustration, if you close on the last day of the month, you will pay interest for one day, the day of closing.

In most parts of the country, you pay interest on the day of closing. Learn more about Per Diem Interest