odd-days interest


An interest earned when a mortgage or loan with closed-end installments begins on any day other than the first day of the month. Suppose you get a loan to buy a house on April 10th, you would have to pay interests for 20 days (from April 10 to 30). These interests are added to the first month payment. From then on, payments will due on the 1st. of each month. If the loan has fixed quotas, remaining monthly payments would be uniform. Also called interim interest.
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odd lotter odd-lot buyback