Mon, 8 Feb 2010 09:04:11 -0800 from Bill
:

If a mortgage payment is due on the 30th of each month, is there any
advantage to paying it on the 1st of each month?

(Pay earlier than the due date each month)

It depends on the mortgage. The mortgage on my first house computed
interest based on the actual dates payments were received, so there
was an advantage to paying early. The mortgage on my present house
computes interest on the date the payment is due, regardless of when
it is received,(*) so there is no advantage to paying early.


(*) There's a late fee for paying late, and presumably interest
starts accruing again if the payment is very late, but I don't know
the details.

--
Stan Brown, Oak Road Systems, Tompkins County, New York, USA
http://OakRoadSystems.com
Shikata ga nai...