What is a month?

loopy-juice

NW have informed me of my new mortgage payment which is 101.56 per month. This equates daily /31 days to 3.276p per day. I have a spreadsheet which shows they are taking 3.34 per day. Who is correct here?

Thanks in advance.

[Deleted User]

Nationwide are correct. Payment is £101.56 per month which in a year is
£101.56 x 12 = £1218.72. Divide by 365 to give amount per day which is £3.34 per day.

getmore4less

A month is a period with a variable number of days usualy the first to last day of the calendar months.

the payment will cover a variable number of days.

Mortgage don't work like that though in most cases interest is normaly calculated daily and added(compounded) monthly most but not all use the mortgage payment date as the "add the interest" day so you just take the surpluss off the capital.

loopy-juice

Thanks for your help.