On Feb 9, 6:41*am, jeff wrote:
VFW wrote:
In article , jeff
wrote:

Bill wrote:
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)
* That all depends on how your mortgage is written!

* *Jeff

who would be the best bet to analyze your mortgage with frugality in
mind, An accountant?

* *You can try just reading it. What you really want is to make an extra
payment, ie two on the 30th at least once. That extra should come purely
off the principal, early in a loan it is almost all interest, so you are
ahead there. After that, I wouldn't bother. The math to figure out exact
interest depending on actual payment date is messy and I doubt anyone
applies it.

* *Paying more, so you pay off early can be substantial. Just what you
can do and get credit for should be written in. Google yielded this:

http://www.mortgageqna.com/mortgage-...ff-penalty-for...

I'm inclined to think that your real estate agent should have told you
what was allowable. It's been a while since I've had a mortgage, so I
don't know what is standard now. Back then you could pay more and it
would come off your principal. Now, there are gotchas.

* *I misread this a bit when I first looked at it, so I wanted to clear
up any misunderstanding. I doubt paying on the first, if your loan is
due on the 30th, will be of any benefit.

* *Jeff- Hide quoted text -

- Show quoted text -

Real estate agents are not the person to ask about mortgage terms.
They have nothing to do with the mortgage.