Am I paying more interest every time I pay my mortgage loan after the 1st?

Helen

Member
May 28, 2008
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I usually pay my mortgage on the 7th because that is when I get paid. I have a 10 day grace period until I get a late charge but am I getting charged interest as well every day it is not paid on the 1st?
 
You would be surprised how much less intrest you would pay over the term of the loan if you made even 50 dollars extra as payment a month . Your intrest is calculated from the day you pay to the next time you pay. . hope that helps
 
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