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Accrued Interest Accrued interest is interest due on a loan or mortgage since the last interest payment was made. The interest can be accrued on a daily basis which means it builds up depending on the daily interest rate. Once a property is being sold, the accrued interest and the balance on the mortgage must be repaid. When people take out second mortgages or top-up mortgages, the accrued interest still needs to be paid. Sometimes people get the impression that the last amount of accrued interest does not have to paid when another mortgage is taken out but both the accrued interest on the old mortgage plus the interest on the new mortgage must both be paid. Any interest amounts that are due on the mortgage are known as accrued interest and must be paid as well as the balance required. If a homeowner is selling their mortgaged property, they may need the new buyer to purchase the property at a price that will cover the accrued interest as well as the mortgage balance. More terms explained |
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