A figure that represents the amount of interest accrued daily on a loan. It can be calculated by multiplying the remaining loan balance by the annual interest rate and then dividing that number by 365.

The Interest that is charged per day on a loan.

The interest calculated per day.

Glossary-P Interest calculated per day. Depending on the day of the month on which closing takes place, borrower pays interest from the date of closing to the end of the month. The first mortgage payment of a loan is generally due the first of the following month.

Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first day of the following month.)

This refers to interest that is calculated daily or per day. This comes into play at closing because whatever day of the month that closing takes place, the borrower will pay interest from that date until the end of the month.