when to pay monthly mortgage

[compassion101]

We closed in June, the mortgage has been sold to FreddieMac and servicing provider is Seneca. They mailed me a form to set up automotic payments, giving me an option to pay the 1st, 8th, or 10th of the month. They say due to the terms I will not be consedered late or pay any fee if I pay on the tenth. Am I missing anything, seems I should pay on the tenth, right? Would there be 10 extra days of interest though each month?

[ezdriver]

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@compassion101 wrote:

We closed in June, the mortgage has been sold to FreddieMac and servicing provider is Seneca. They mailed me a form to set up automotic payments, giving me an option to pay the 1st, 8th, or 10th of the month. They say due to the terms I will not be consedered late or pay any fee if I pay on the tenth. Am I missing anything, seems I should pay on the tenth, right? Would there be 10 extra days of interest though each month?

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It does not matter which date you pick ... it is purely being offered to you as a convenience. Mortgage payments are paid in arrears. That means you are paying for the previous month ... so no, you're not paying more interest. Pick a date and stick to it.