Does it matter when in the month you overpay?

skaps

My mortgage interest is added to the mortgage at the end of the month. I make an overpayment at the beginning of the month when I pay my dd. Does this make any difference when I overpay?

originalmiscellany

on what your "paperwork" says with the bank.

Some only calculate your mortgage at the end of every year, (very rare!) so you don't really need to overpay until the day before the calculations are made, others are made on a monthly basis, and the amount you pay is worked out monthly, often on the first of the month, and some calculate your interest daily, so if you overpay today, it'll have an impact on your payments tomorrow.

Hope that helps, even though it's so vague!