I'm about to close (later tonight) on a refinance of my primary resident mortgage, but I'm a little confused on how the mortgage company got to my payoff figure.
The disbursement date of the new loan in 8 Dec 2020, so I believe I should only be paying interest on my old loan at 3.75% for the period from 1 Dec to 8 Dec. The interest payment for the entirety of Nov 2020 was ~$1235, but in the payoff statement my current mortgage company is charging me ~$1800 of "Interest at 3.75%". Doesn't that seem much too high for just 8 days?
It's also my understanding that I will need to pay interest on the new loan from 8 Dec to 31 Dec (but not 1 Jan 2021 to 31 Jan), and then my new regular payments will become due on 1 Feb 2021. But the 22 days of interest collected on this new loan should be at the new interest rate of 2.5%, I believe. Is my understanding correct?