Comments on: If You Pay During the Grace Period, Beware of the Simple Interest Mortgage

By: Huda

Huda — Fri, 17 Dec 2010 02:38:22 +0000

to me daily accrued is better than monthly accrued. the reason being, since interest charged daily on outstanding, the earlier you pay the loan, the lesser interest charged on the principle. but this would only be applicable if you are a person who always try to settle the loan earlier than the due date given.

By: It’s a Labor Day Carnival of Debt Reduction | Mighty Bargain Hunter

It’s a Labor Day Carnival of Debt Reduction | Mighty Bargain Hunter — Mon, 01 Sep 2008 05:02:19 +0000

[...] Tough Money Love explains a few subtleties regarding mortgage payment grace periods. [...]

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Tue, 26 Aug 2008 15:12:27 +0000

Evan – I will be curious to hear what you find out. Most US mortgages are monthly accrual but you never know what you might discover.

Thanks for visiting.

By: Evan

Evan — Tue, 26 Aug 2008 13:54:49 +0000

TML,

Amazing…I have never even thought about that! I did it for the first time last month, for no good reason. I will check my next mortgage statement and let you know.

I am truly amazed, nice work.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Sun, 24 Aug 2008 17:03:48 +0000

Big Winner – Thanks for visiting. Yes you can (and I do) set up auto pay for your mortgage loan. The key as this post points out is selected the best day to pay.

By: Big Winner

Big Winner — Sun, 24 Aug 2008 14:30:16 +0000

That’s a good tip and this seems like it would be a good case for setting up an automatic payment system – if that’s available for mortgages. I’m a renter now, so I’m not sure if it is.