Pay Mortgage or Wait??

[BunLengthHotDog]

Here is my situation, we are in the process of selling our home and are set to close Sept 27th in the AM. I have spoken with the buyers closing atty and they have told me that they wire the money first AM to the mortgage company to pay the mortgage in full the same morning or the following morning.

We usually pay our mortgage the 15th of every month via an online billpay system from our lender. Here is my issue, right now I owe 146,286.96, checking my amoritization shedule if I make my payment of 1158.00 ish, the net balance on the mortgage will only go down to 146,111.14'ish (after escrow etc)...with the majority of the payment obviously going to interest (6.25%).

My question is this :

Should we just hold off on paying this months payment, I am aware there will be a "late fee" applied to my account of about 50 bucks or so, but no 30 day notice will be applied to my credit record since the mortgage will be paid in full Sept 28th. An extra 800 or so to use on the new place would certainly be nice.

So, pay it or wait?

EDIT: Corrected spelling in Topic

 

[Vic]

You should make the mortgage payment. The accruing interest doesn't make any difference because you will pay that regardless. The only issue is if you pay it as usual or if it comes out of your closing proceeds along with the late fee.

 

[FoBoT]

^^^

pay it now or pay it later, you'll pay the same. on closing they calculate the interest up to that day i believe

 

[IHateMyJob2004]

Just pay it or you'll add the ptoential for headaches at the closing.

Just pay the damned thing.

 

[BunLengthHotDog]

Thanks for the quick replies folks...I have no problem paying it...just didnt know if it was common to do this with the last payment before closing.

Thanks