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Reply to "Courtesy Calls from Wells Fargo aka Shitheads"
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[quote=Anonymous][quote=Anonymous]Aren't you accruing more interest when you pay late? I think on mine the balance between principal and interest changes depending on the date of payment. This is why some people actually pay 2x/month rather than once. So you can do what you want but be aware that it is costing you money in the long run.[/quote] You pay your mortgage interest arrears. So when you make your payment on the 1st of each month, you are paying the previous month's interest. That is why the bank is eager to get their payments. They can not add interest during the grace period. The 'bimonthly' payment option is commonly a bi-weekly payment option. You pay an extra month each year, so it accelerates the payoff. It is a pseudo bi-weekly plan because the bank still only calculates the principle/interest once a month. Not sure how many banks offer true bi-weekly or bi-monthly plans (calculates every 14 or 15 days). [/quote]
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