Better to prepay mortgage a month in advance or at the end of the month?

Interest on mortgages follows a specific amortization schedule, meaning it really doesn't matter if you pay the payment on the first or the 10th of the month, the amount of interest they earn (and you pay) remains the same. Also, if you make the January payment on Jan 5, and the February payment on Jan 10, the interest calculated for the February payment will be exactly the same as if you waited and paid it on Feb 10. The only time the interest would be reduced more than what the pre-determined amortization schedule says it would be, would be if you pay extra principal in any month. Simply prepaying the next payment does nothing. So, to answer your question, Prepay it a month in advance... No extra benefit, Pay it at the end of the month... Pay a late charge (late charges are due if the payment is received more than 15 days after the due date.) I have set my loan up to be paid automatically ten days after the due date. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except VA and we're pending approval in MA and NY. ~ www.ApplyYes.com 480-889-9000.