[quote=teaboy][quote=HLS]Almost every standard mortgage payment is due on the 1st of the month and has a 15 day grace period before a late charge.
If you mail a check, you avoid any extra fees.

Contrary to what many people think, there is no benefit to paying a monthly mortgage payment early in the month. It does not improve your credit score nor does it pay off your loan any faster.

The company you send your payments to is a SERVICER, they don’t own your loan.
Each one has its own rules about paying online and whether or not they charge an additional fee after a certain date in the month.
They CANNOT charge anything extra if you send a check that is received by the 15th.[/quote]

If you have a mortgage rate of 3.5%, a monthly payment of $2500, and you pay on the 15th instead of the 1st, you get charged 3.5% interest on that $2500 for 15 days every month, I believe.
BTW, that would work out to $43.15/year.

tb[/quote]

It doesn’t work that way. If it did, your 30 year mortgage wouldn’t amortize over 30years but longer. So long as you don’t miss the grace period, it doesn’t matter when you pay. There are some programs that claim to reduce your mortgage via a bi weekly payment. But that’s no different if you just made one or two extra principal payments every year. Because when you go on a biweekly payment term, there’s one or two months you make more than two payments per month (as opposed to bimonthly)