Amortization schedule not correct?

[William C.]

Can anyone explain why the numbers are different when I run an amortization schedule through a calculator than it is in real life. For example we borrowed $236k at 4% and a 20 year amort. Any calculator I use shows a payment of 1505, first month $904 interest and $601 principal. The real life mortgage statement came and its $995 interest and $519 principal. What am I missing? All fees were paid at closing with the proceeds. So the mortgage balance is $236k to start. 4.6 is the interest rate, not the APR. Why aren't the numbers matching?

[Russell Brazil]

Actually one thing to note that is kind of funny is that when banks collect interest they do so on a true 365/366 days a year calendar but when they pay our interest to say a savings account they do so based on a 360 day a year calendar