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AlanPavio t1_ixxixqa wrote

Reply to comment by DeluxeXL in Delayed Mortgage Monthly Payment at WF by gundamstar1

Your last points are only true if you have a simple interest note, which the majority of mortgages are not. Most mortgages you pay the same amount of interest no matter when you pay it, except at payoff. The only thing that changes that is contributing additional to principal. The calculation for interest paid with each monthly payment is simply rate times UPB divided by 12.

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DeluxeXL t1_ixxkpu4 wrote

> Your last points are only true if you have a simple interest note

I was talking about interest in your HYSA for parking your money for the extra 13 days. You don't pay extra interest to mortgage for delaying payment to 14th.

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