Question by Christy: Is the interest in a mortgage payment for last month or next month?
I’m in the process of refinancing and I have a question about the breakdown of the typical mortgage payment. The amount required to payoff the old loan does not match the amortization schedule.
I made my last payment on February 1st. I did not make the March 1st payment because the closing is set for March 3rd.
They are telling me that I need to pay the interest for the month of February. Please explain.
Answer by Worldly25
You are paying for the month past. So payment Due by Feb. 1st is January interest. March 1 would have been Feb interest.
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