Mortgage Loan breakdown question.

[KK]

Quick question. On a mortgage loan payment, is the interest paid, interest for the following month?

Reason I ask is there was a fuck up with payments on april 3 where my loan got paid 2 times, april 6 my loan was paid off from a refi. and it appears they are only crediting back less that what a full interest payment for a month would be.

So in short say april's regular payment had 930 dollars going toward interest, and we paid an extra payment, which they treated like May's payment, so another 930 toward interest. after the payoff, they are crediting back 760 of the interest. not sure if that should be 930+760.

 

[UglyCasanova]

Quick question. On a mortgage loan payment, is the interest paid, interest for the following month?

Reason I ask is there was a fuck up with payments on april 3 where my loan got paid 2 times, april 6 my loan was paid off from a refi. and it appears they are only crediting back less that what a full interest payment for a month would be.

So in short say april's regular payment had 930 dollars going toward interest, and we paid an extra payment, which they treated like May's payment, so another 930 toward interest. after the payoff, they are crediting back 760 of the interest. not sure if that should be 930+760.

Other way around. The mortgage interest is paid in arrears so your payment covers the previous months interest.

 

[KK]

Other way around. The mortgage interest is paid in arrears so your payment covers the previous months interest.

well that makes sense, and citi isn't screwing me for once.

 

[EagleKeeper]

I am sure if you ask, they will be very cooperative in screwing you over