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Posted by Malcom \"Mal\" Reynolds on February 8, 2010, 2:02 pm
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In article
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)
The best that can happen is that over
the term of the mortgage you would save
approximately 29 days of interest. The
rest of the time you will still be
paying about 30 days of interest every
month.
If you want to save money and the
mortgage will allow it, pay half your
monthly payment every 2 weeks which will
be the equiv of 13 monthly payments
which can amount to a significant
earlier payoff.
Or just pay an additional sum each month
to "principal only"
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