How much additional interest will I incur for scheduling a recurring late payment?

Nicholas H
2023-07-20T17:08:46Z

Because interest accrues daily on the unpaid principal balance, this amount will vary. If you schedule a recurring payment which falls past your due date every month, it is possible that a higher share of your payment will go towards interest than originally calculated, and a lower share will go to principal, As a result, your final payment may be higher than expected.

Please contact Mutual Security Credit Union if you’d like to know the approximate amount of daily interest accrued.