Here is a shot of an actual Truth-in-Lending statement for a real home mortgage (mine). I'm trying to check the numbers but they seem slightly off:
It's a 30-year fixed rate mortgage. The annual percentage rate is 5.542%, and the total amount financed is $148,880.20.
I want to compute the monthly payment. I use the formula here: (https://en.wikipedia.org/wiki/Amortization_calculator)
A = (P i) / [1 - (1+i)^(-n)]
with i = .05542 / 12 and P = 148880.2 and n = 360.
My computation gives a monthly payment of 849.25, rather than 851.57 claimed on my document.
Am I reading something wrong with the document? I assume this isn't a simple calculation error from the mortgage company- what else could account for the discrepancy?