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Mid Month Mortgage Chips

July 27th, 2011 at 10:32 am

So in the past week, I have transferred 3 small chips to my mortgage. I had never done this before, I have always saved my chips to send with my next regular payment. I had thought the chips would be held in suspense and then applied on the 1st of the month. But look at this:

Date Description Amount Principal Balance
07/25/11 PRINCIPAL PMT ( Details) $0.81 $181,912.06
07/25/11 PRINCIPAL PMT ( Details) $6.72 $181,905.34
07/22/11 PRINCIPAL PMT ( Details) $9.00 $181,912.87
07/05/11 PAYMENT ( Details) $1,273.49 $181,921.87

Wells Fargo has been applying the chips directly to my balance. I expect the chips will not reduce the interest accrued in July. By rights, they shouldn't. I calculate I should be charged $795.91 of interest when I make my August payment. We will see if that is what happens.

In other riveting news, I have received my first Citi MC bill. It came a few days ago and is due early in August. I am not fond of the timing. I think I will go ahead and send them their minimum payment now (although I have already made my July credit card debt payments) and then in mid August, I will use bill pay to send them what I want to send them. The timing will be off, but if I send them their minimum now, I will be ahead of the game and it should turn out OK. I will have to keep an eye on it though, so that I don't have a billing period with 2 payments and then a billing period with none.

I applied and was approved for an Amex Blue yesterday. I have too many rewards cards with too many small point balances. I am going to work on getting my rewards up to cash out level, then close some of the cards. I won't close Chase Freedom (since 2004) or B of A (since 2003), but Discover and Sapphire can go. Then I will begin using Amex Blue. It pays 3% cash back on groceries and drug stores, 2% cash back on gasoline and department stores, 1% cash back on everything else. Not bad. I will have to get in the habit of charging my groceries.

1 Responses to “Mid Month Mortgage Chips”

  1. Jerry Says:

    I think it is great that you are chipping away at that mortgage, and that you have some insurance that they are applying the chips as they are received. As long as it leads to the right numbers at the end of the month, that's what counts! Keep rolling, you are doing great.
    Jerry

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