Last month (March):
Years left: 2
P =$1,103.46, I =$110.94, Escrow =$788.73
This month (April):
Years left: 1.9166666666666666667
P =$1,107.83, I =$106.57, Escrow =$788.73
One month’s prepayment savings: $0
We sent off the mortgage payment for March before February ended. By the beginning of the second week of March it still hadn’t posted. So we called up and were like, what happens? They said to wait a few days and if it doesn’t post, then call up and make a payment over the phone. No late fee until 3/15.
So we did. On 3/11, it still hadn’t posted, so we paid via phone.
On 3/13, we checked our account and not only had our 3/11 phone payment posted, so had one on 3/9!
Which means that we paid our April mortgage payment early. Luckily it didn’t post as a pre-payment after all that deciding to stop prepaying!
(In other news, it looks like escrow is going up $20/month starting with our May payment. Fun times. Fun times. Not really.)
What do you do when a payment doesn’t post after you’ve sent it? Do you avoid late fees or being double-billed?