best time time of month for mortgage payment

getmore4less

ACG wrote: »

I do understand that.

They have asked what is the best day to pay it.
The first of the month is the best day if daily interest.

I see your point in what your saying but it will always be the first.

the correct answer is the day they get the money.

amnblog

I like early in the month (2nd). That way if there is a problem with the DDM you have a chance to get it sorted during the calendar month and there is less chance of late payments showing on your file.

aliasojo

onlyroz wrote: »

Doesn't this assume that you get paid on the 1st of the month?

Not necessarily. We were always paid monthly on the last Friday in every month, so the date could be different by about a week sometimes. The only thing that was a definite was that we knew the money would always be there by the end of the month so all our bills and D/D's were set up for the 1st of the next month.

I much preferred getting all the bills paid first then I knew what was left was to do us for food, petrol etc till next payday.

ACG

getmore4less wrote: »

the correct answer is the day they get the money.

Your assuming the OP does not have the money throughout the month.

I have enough money in my bank to pay my mortgage on the 1st of the month or the last day of the month. Im not saying everyone is fortunate enough to be in that position but i know im not the only one.

If neither of us are making assumptions and answer the question as it was asked then the first of the month is the best day (assuming daily interest). If however they have spent up come the first of the month then yes it would be the day they get paid.

The_Magnificent_Spoon

ACG wrote: »

Your assuming the OP does not have the money throughout the month.

getmore4less wrote:

if interest is calculated daily then as soon as you have the money.

I don't believe he assumed any such thing. He clearly says 'as soon as you have the money' which doesn't suggest they don't, it just suggests to pay it at any point in which they do.

Which is right. I'll be paying mine on the first day of each month that it is able to be paid (not sure when this will be) as I'm in a good financial position. But lots of people aren't, and as such it should be as soon as possible after they are guaranteed to have been paid. Which I'm guessing the OP may be more interested in due to the nature of the question they've asked.

Which I would usually say leave it a couple of days later than this, as most employers at some point will miss a pay day by a day or two due to banking errors, cash flow problems, etc.

The very last day I could be paid is the 10th of every month. So my DD's all come out on the 12th.