If you recently took out a mortgage, or have been thinking about purchasing real estate, you may be wondering when your mortgage payments will be due each month, among other things (like how late Ikea is open).

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Well, mortgage payments are generally due on the first of the month, every month, until the loan reaches maturity, or until you sell the property.

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So it doesn’t actually matter when your mortgage funds – if you close on the 5th of the month or the 15th, the pesky mortgage is still due on the first.

The only difference is when the first mortgage payment is due, which I’ve explained in my when mortgage payments start post.

Mortgage Due on the 1st, Late on the 16th?

• Mortgages are typically due on the first of the month
• But mortgage lenders generally provide a grace period
• Of up to 15 days to pay without penalty
• Meaning it’s only late if paid after the 15th of the month

Most people probably know that mortgage payments are due on the 1st of the month, but many loan servicers (those who collect your payments) will allow you to pay 15 days “late” each month.

March 22nd 1st Payment Dates

So even though your mortgage payments are technically due on the first each month, you can pay as late as the 15th every month without any kind of penalty.

No late fees, no credit report dings, no issues whatsoever.

This is known as the “mortgage grace period,” similar to other grace periods you see with all types of other loans.

Some “savvy” consumers may even set up automatic payments to be sent mid-month, instead of paying on the first to maximize their cash flow.

But this can be a dangerous game, especially if your mortgage payment doesn’t make it to the servicer on time, for whatever reason.

Nowadays, this may be less of a problem thanks to speedy and generally reliable online payments, but it’s still a risk not worth taking.

The loan servicer may also harass you if you consistently pay late into the grace period.

What If I Pay My Mortgage Late?

• As noted, you get a generous grace period
• If still late after that you’ll be assessed a late fee, which can vary by lender
• Usually a small percentage of the monthly payment
• Only counts as a delinquency on your credit report if 30+ days late

If you play this “pay at the last minute game” each month, you could eventually get burned and wind up paying a mortgage late fee.

These fees can vary, but are often pretty steep. We’re not talking a $20 late fee and a slap on the wrist.

We’re talking a percentage of the mortgage payment, such as 5%. So if your monthly mortgage payment is $3,000 a month, that’s $150 smackers.

And if you wait too long to make a payment, typically 30+ days beyond the due date, it could eventually be reported to the credit bureaus as a late payment, which will really hurt.

The result could be a substantial credit score ding, and greater difficulty obtaining subsequent mortgages in the future, a major issue if you need/want to refinance your home loan for some reason.

March 22nd 1st Payment Report

Or if you want to buy more real estate in the near future.

After all, lenders aren’t too fond of homeowners who don’t make their mortgage payments on time.

What If I Pay My Mortgage Before the Due Date?

• In most cases there’s no benefit to paying the mortgage before the due date
• Because they’re calculated monthly using simple interest
• Meaning you won’t save money or lose money on interest
• So it shouldn’t matter if you pay on the 1st or the 15th, as long as the payment is made on time

Okay, so we know paying late isn’t too smart, but what about paying the mortgage before the due date?

You might be thinking, “Hey, I can save money on interest if I make my payments on the 20th or 25th of each month, instead of the first of the next month.”

Not the case. Your loan servicer may accept payment on that date, but it won’t mean you’ll pay less interest.

The interest is already figured out for the month using the previous month’s balance, so it doesn’t matter if you pay a few days early.

This differs from credit cards and other types of loans, such as HELOCs, where the interest is calculated daily.

If you actually want to pay less in interest on a traditional mortgage, you need to make extra payments to principal.

So if you pay an additional $100 on top of your monthly mortgage payment, your loan balance will be $100 lower for the subsequent month, and that means less interest paid over the life of the loan.

This will also reduce the loan term, meaning your mortgage will be paid off in less time.

Just note that the monthly mortgage payment will stay the same, regardless of whether you make larger payments for a few months here and there.

Tip: Be careful when making extra principal payments. If you send in a payment that is below the monthly mortgage payment, such as two smaller biweekly payments, even if they exceed the total amount due, they may not be credited properly.

How to Make Mortgage Payments

Lastly, let’s talk about how to make a mortgage payment to your loan servicer.

First things first, note that I said loan servicer, not lender or broker or any other entity.

The “loan servicer” is the company that actually collects your mortgage payment each month, and may not be the individual or company that originated your loan.

So pay close attention to who this is, and note that mortgage loans are often transferred from one servicer to another, especially shortly after closing.

In terms of paying, we see from the graphic above (from the Mortgage Bankers Association) that lists the most common ways to pay a mortgage.

The top three are auto-pay, via the servicer website, and by mail.

Less common ways are in-branch, wire transfer, phone pay, and other means, which probably includes paying the mortgage with a credit card.

In summary, speak with your loan servicer once you take out your mortgage to ensure your payments are processed properly. Rules vary and it’s best to get all the answers straight from the horse’s mouth.

(photo: adactio)

Billing statements are generated the first working day of each month, and are normally due around the 22nd of the month.

Students are sent official notification that their U-Bill is available for review via email to their @uiowa.edu email address.Students have 24/7 access to view their accounts online using MyUI, and can anticipate the availability of their U-Bill around the first of the month, for each month there is a balance due and/or transaction activity on their account.

If our office has not received at least the minimum payment due by the monthly due date, your account may be restricted and a late payment fee may be assessed. If you do not receive an email please notify the University Billing Office as soon as possible. Missed or undeliverable email is not an acceptable reason for late payment and will not exempt the account from restrictions or late payment fees.

Statements include Contract Charges (Tuition, Room and Meal Plan) and Miscellaneous Charges(all other items). Contract charges for the semester will be billed in full as follows:

• Fall Semester - August
• Winter Semester - December
• Spring Semester - January
• Summer Semester - June

The University Billing Office offers two payment options:

1. Pay the 'Statement Balance' at the beginning of each semester.
2. Pay the 'Minimum Payment' which will automatically enroll the account in the Deferred Payment Plan.

Paying Balance in Full

If you choose to pay the full amount of the contracted items you will pay the total shown as the 'Statement Balance' by the date indicated on your U-Bill.

Deferred Payment Plan

Paying an amount less than the Statement Balance automatically enrolls your account in the Deferred Payment Plan. Students will have the option to pay contracted items (Tuition, Room and Meal Plan) in three installments during the Fall and Spring semesters as follows:

• Fall Semester - August, September, October
• Spring Semester - January, February, March

A $20.00 Deferred Payment Fee will be assessed on the last installment of the semester if you choose this billing option.

During the Summer Semester installments can be paid as follows:

• Summer Semester - June, July

A $15.00 Deferred Payment Fee will be assessed on the last installment of the summer semester if you choose this billing option.

The Minimum Payment displayed on the U-Bill is calculated by billing the appropriate portion of the total contracted charges, plus all miscellaneous charges you have incurred during the month.

International Bank Payments

The University of Iowa has partnered with Flywire for a more cost-effective method for international students to wire funds from their home country from any bank. You will be offered excellent exchange rates allowing you to pay in your home currency (in most cases) and save a significant amount of money compared to traditional bank methods. The posting of your payment to the University will be faster, you will have the ability to track your payment and Flywire will notify you when the University has received your funds.
Go to: www.flywire.com/signup/uiowa to register and then follow the instructions to make a payment.

• To get started, select the country from which your funds will be coming from and the payment amount (in US dollars) you wish to make to your student U-bill.
• In most cases, the US dollar amount will be converted into your home currency at preferential exchange rates, which will translate into savings for you.
• After providing some basic information, you will visit your bank (via phone, online or in person) to send funds from your local bank to Flywire.
• Flywire will then convert the funds to US dollars and forward the US dollar amount to the University of Iowa where it will be directly credited to your account.
• Through the Flywire dashboard you will be able to track where your payment is in the transfer process.
• You will receive an email confirmation when your payment is deposited into the University’s bank account.
• No matter your time zone, you will have a dedicated multilingual customer support team available to you, reachable 24/7 via live chat, Skype, email and phone to answer any of your questions.
• VIDEO: Paying with FlyWire's International Payment Solution -https://v.qq.com/x/page/t0398t1y70z.html

Employer Deferment

March 22nd 1st Payment Auto Loan

Students who receive tuition reimbursement from their employer can request to have the payment of their tuition and fees deferred until the end of the semester (about 30 days after grades are posted on MyUI) for a fee of $35.00 per semester. The deferment only applies to tuition and mandatory fees. All other charges on your monthly bill will need to be paid as billed. This agreement does not include course fees or any other fee associated with your registration.
To apply for this deferment, the Employer Deferment Request must be fully completed by the student through MyUI no later than the enrollment deadline (see below for deadlines by semester).

March 22nd 1st Payment Status

Agreements can cover multiple semesters and expire at the end of the academic year. Students that wish to continue with the deferred payment agreement must submit a new form no later than the enrollment deadline for the semester they plan to attend.

Employer Deferment Enrollment Deadlines

• Fall Semester - August 1
• Spring Semester - January 1
• Summer Semester - June 1

Qualifying student's deferred tuition balances must be paid by the following dates.

• Fall Semester - January 22
• Spring Semester - June 22
• Summer Semester - September 22

An accepted Employer Deferment Request does not result in the University billing the employer directly. The student will remain financially responsible for the balance of their bill and all restrictions will apply if payment is not received by the due dates stated above.