A California native transplanted in southern Illinois....and guess what I saw? My mortgage interest last month was $795.84, a full $.07 less than I calculated.
Why do I care? Because it means that the tiny extra principal payments I made didn't just sit there in suspense as I had thought they would. Nope, they reduced the interest which accrued in July! I can't believe it.
It's not a rounding error. If my calculation was $.01 off, that could just be rounding. But not $.07.
From now on, all of my mortgage chips will be applied the moment I have the cash, no more waiting until the next regular payment is made.
I will have to edit the spreadsheet "snip" in my last post.
Just Logged on to Wells Fargo....
August 2nd, 2011 at 06:27 pm