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My mortgage due date is 1st of the month, and late charge date is 15 days later. As long as I pay the mortgage on/before 15th of the month, there will be no late charge. However, I have the following questions:
1) If I pay mortgage on 15th instead of on 1st, will the payoff amount different 5 years later? In other words, is the payment applied on the actual date or a certain set date (e.g.15th), and how is the balance amount calculated?
2) If I pay mortgage on 15th instead of on 1st, will it affect my credit score? I know if I pay after 1st, it’s late.
3) In property tax case, there is due date and there is delinquency date. It’s best to pay on delinquency date rather than due date. But is the mortgage case similar? Maybe not.

Thanks a lot for your answer.

6 Thoughts on Should I pay mortgage on “late charge date” or on “due date”?
  1. Reply
    jess
    July 21, 2011 at 5:51 am

    due date

  2. Reply
    Annie
    July 21, 2011 at 6:32 am

    The problem with leaving your payment until the 15th is that if there is any delay or screw up, it will show as a late payment. And yes, interest continues to accrue during the 15 days you wait to make the payment. If you can, set up an autopay with your mortgagor so that the payments are made on the first of every month without fail. Then just be sure the money is in the bank!! Good Luck!!

  3. Reply
    iltmaemc
    July 21, 2011 at 7:04 am

    Just pay your mortgage on the first. always pay your bills early.they have to be paid anyway. why wait till the last minute
    and risk being late. i will be paying my Jan 1 due date on Dec 29 and the late date is Jan 15.
    Pay your property tax early. for the same reason as noted above.
    there is no benefit to holding your money and paying just in time.

  4. Reply
    robert w
    July 21, 2011 at 7:18 am

    you got to much time on hand.
    now for a real world consideration.
    should you keep paying this game – you will lose and it will cost you. pay your bills when due and you will not shoot yourself in your (pick a part).
    cause the banks win with your thinking, you lose.

  5. Reply
    You da man, Idaho
    July 21, 2011 at 8:08 am

    I’ve always paid my mortgage, so the payment will be there by the 15th of the month. It makes no difference if you pay it on the 1st or the 14th. If you pay it on the 1st, the mortgage company has 14 days to invest your money and make more. It’s never affected my credit or credit score.

  6. Reply
    sophist
    July 21, 2011 at 8:46 am

    Pay the mortage with a check on the 15th before it is due and date it the 1st when itis due. It other words the check isn’t good until the 1st.

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