Understanding Calendar Monthly Payments

Should you be requested to pay by calendar month, it is important to understand that the term ‘calendar month’ does not refer to 4 weeks or 28 days.

As each month has either 28, 30 or 31 days, then a calendar monthly amount is more than 4 weeks rent.

To calculate this evenly, we use this simple calculation.

Weekly Rent divided by 7 days = Daily Rent

Daily Rent x 365 days = Yearly Rent

Yearly divided by 12 months = Calendar Monthly Rent

This calculates 12 equal calendar monthly payments, which will be due on the same date each month (i.e. the 15th of each month) instead of the same day (i.e. every second Friday) as is the case with fortnightly payments.

Please note that a calendar month payment is approximately 4.33 of a week’s rent.