365/360 Day-Count Loan
365/360 loans charge daily interest using a 360-day year but collect that interest over the actual 365-day calendar — a small but real surcharge common in commercial lending.
Loan
Results
365/360 monthly payment
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365/365 monthly payment (standard)
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Extra per month (365/360)
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365/360 total interest
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365/365 total interest
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Effective rate (365/360)
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365/360 effectively multiplies the quoted rate by 365/360 = 1.01389. On a long loan this meaningfully raises the true cost — always ask which convention a lender uses.