Mortgage question

[SVT Lurch]

If the bank does not have a payment or payoff by the 15th you will be charged the 5% late fee. Even if it's a purchase that closes and funds the 15th I would assume the bank will not process the payoff in time and would make the payment. Just make sure the title company updates the payoff after you do otherwise you'll have to wait for the bank to process the overage.