mortgage payoff interest charge? (payment, paying, standard, paid)

[gagaliya]

Hi, just want to confirm something.

I paid off my mortgage on Jan 18th. And chase charged me interest from Jan 1st - 18th. When i asked, the lady said the payment i made on Jan 1st was for the month of Dec, not Jan. Does anyone know if this is correct/standard practice?

I have no reason to doubt chase but just want to confirm so can file all the papers away.

Thanks

[Lacerta]

That is absolutely correct. Rent is paid in advance, mortgages are paid in arrears. So January 1st's payment is for the month of December, and them charging you 18 days of interest would be the correct, normal procedure.

And BIG congratulations on paying off your mortgage.