{ "media_type": "text", "post_content": "My home sells on July 9, should I pay the mortgage due on July 1st? Does it make sense? The rate is 4.5%, since the new owners are buying why should I pay mortgage for 9 days?", "post_id": "5ef3ab979a571b001a548b02", "reply_count": 14, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

My home sells on July 9, should I pay the mortgage due on July 1st? Does it make sense? The rate is 4.5%, since the new owners are buying why should I pay mortgage for 9 days?

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You pay for the month. They (bank) will wire your money back for 22 days or so

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D1 that's not correct, mortgages are post-paid not pre-paid. Additional money will be owed for the interest accrued between July 1 and July 9 as part of the loan payoff at closing.

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Yes pay. At closing , lawyer will calculate final $ amount , that will consider taxes which you owe , partial mortgage for the month and other details before coming to final $ value which will come to you . Your lawyer will (should) also walk you through all those numbers .

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I believe they will take it out at closing if not paid, that plus any taxes.

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Mortgages are post-paid, not pre-paid. Your July 1 payment is for June and is due in full as normal. You will owe additional interest for the July 1-9 period after payoff. It'll all be taken out of closing.

It's why when you buy a house mid-month, you don't make a mortgage payment immediately on the 1st of the next month. Usually waits a full cycle (e.g., close June 15, 1st payment would be Aug 1st), and you pre-pay interest at closing to cover the interest that would be due on July 1 for the June 16-30 period.

Get a payoff statement from your lender that will show all of the costs that will be due.

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You have to pay it. They figure out the payback on day of closing.

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You are responsible for July 1-8
Buyer is responsible from July 9 onwards
Proration will be done at closing

I would pay the mortgage on July 1 to avoid any confusion later

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When is your late fee assessed?

If it's not assessed until day 10 you should be fine. If there's a processing delay in paying off your existing mortgage you could still get charged a late fee.

Damn I’m buying a house right now and my rate is 2.85%. If you’re buying again, I hope you get a better rate

30. Not ideal but I’m not in a position to do 15 currently

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