How to Pay Your Bank of America Mortgage
Where to send your Bank of America mortgage payment
Bank of America sends you a coupon book with your loan documents, or you can pay online through their website or mobile app without a coupon. The payment address appears on your monthly statement — it is usually a lockbox address specific to your loan type, not a Bank of America branch. Sending a check to the wrong address delays posting by weeks.
The fastest method is online through your Bank of America account. Log in, select "Pay Bills" or "Mortgage," enter the amount, and choose your payment date. The payment posts within one business day if you pay before the cutoff time, which varies by region but is typically 5 p.m. Eastern time. If you miss the cutoff, it posts the next business day.
You can also set up automatic payments (called autopay) so the same amount withdraws from your checking account on the same day each month. This prevents accidental late payments, though you should still check your statement each month to confirm the payment posted.
Key Takeaways
- Pay online through your Bank of America account or mobile app — it is faster and more reliable than mailing a check.
- If you mail a check, use only the lockbox address on your statement, not a branch address.
- Autopay withdraws your payment automatically each month and prevents missed due dates, but you should still verify the payment posted.
- Your due date is printed on your statement; payments received after that date are recorded as late even if you mailed them on time.
- Bank of America charges a late fee if your payment arrives more than 15 days after the due date, and your interest rate may increase if you are 30 days late.
What happens if your payment is late
A payment is late the day after your due date passes, regardless of when you mailed it or when it posts to your account. Bank of America reports late payments to credit bureaus once you are 30 days past due. A single 30-day late payment can lower your credit score by 100 points or more and stays on your credit report for seven years.
If you are 15 days late, Bank of America charges a late fee. The amount depends on your loan balance — it is typically 4% of your monthly payment or $25, whichever is greater. If you are 30 days late, your interest rate may jump to the default rate listed in your loan documents, which is usually 2% to 5% higher than your current rate. This higher rate applies to future payments until you bring the account current.
If you miss a payment, contact Bank of America immediately. You may be able to make a partial payment, request a forbearance (a temporary pause on payments), or arrange a loan modification. The sooner you contact them, the more options you have.
How to change your payment amount or due date
You cannot change your monthly payment amount without modifying your loan, which requires a formal application and approval. However, you can make extra payments toward principal at any time without penalty — Bank of America will not charge you for paying early or paying more than required.
Your due date is set when you close the loan and is usually the first of the month. You can request a different due date by calling Bank of America's mortgage department or logging into your online account. The change typically takes effect within one or two billing cycles. If you want your payment due on the 15th instead of the 1st, for example, you can request that change and it will apply going forward.
Paying with a different bank account or method
If you do not have a Bank of America account, you can still pay online using a checking or savings account from another bank. Go to bankofamerica.com, select "Pay a Bill," and enter your mortgage loan number and the routing and account numbers from your other bank. The payment will be processed as an ACH transfer, which takes one to two business days to post.
You can also pay by phone by calling Bank of America's mortgage payment line. A representative will take your payment information and process it immediately, though a phone payment fee may apply. Wire transfers are another option for large payments, though they are less common for routine monthly payments because of the fee involved.
Do not use a credit card to pay your mortgage unless you use a third-party payment processor — Bank of America does not accept credit card payments directly. If you use a processor, you will pay a fee (usually 2% to 3% of the payment), which can add up quickly.
Understanding your mortgage statement and payment breakdown
Your monthly statement shows how much of your payment goes toward principal (the amount you borrowed) and how much goes toward interest (the cost of borrowing). Early in your loan, most of your payment is interest. As you pay down the balance, more goes toward principal.
The statement also lists any escrow amounts — money Bank of America collects from you each month to pay property taxes and homeowners insurance on your behalf. Escrow is held in a separate account and paid directly to the tax assessor and insurance company. If your taxes or insurance increase, your monthly payment may increase to cover the higher escrow amount.
Your statement shows the current loan balance, the interest rate, and the remaining term (how many months until the loan is paid off). If you have made extra principal payments, the balance will drop faster than your amortization schedule predicted, and your payoff date will move up.
What to do if you cannot make a payment
Contact Bank of America before your payment is due, not after. They have programs for borrowers in hardship, including forbearance (a temporary reduction or pause in payments), loan modification (a change to the loan terms), or a short sale or deed in lieu of foreclosure (if you cannot keep the home). The sooner you reach out, the more options are available.
Bank of America's loss mitigation department handles hardship requests. You can reach them through your online account or by calling the number on your statement. They will ask for documentation of your hardship — job loss, medical emergency, divorce, or other significant change in income — and will review your situation to see what programs you may be offered.
If you are struggling with multiple debts, a nonprofit credit counselor can help you prioritize and create a plan. The National Foundation for Credit Counseling (NFCC) offers free or low-cost counseling and can be reached at nfcc.org or by calling 800-388-2227.
Frequently Asked Questions
Can I pay my Bank of America mortgage with a debit card?
Bank of America does not accept debit cards for mortgage payments directly. You can pay online using your checking account (which is linked to your debit card), or you can use a third-party payment processor that accepts debit cards, though they will charge a fee.
What time does my online payment post?
Online payments post within one business day if submitted before the cutoff time (usually 5 p.m. Eastern). If you submit after the cutoff, it posts the next business day. Payments submitted on weekends or holidays post on the next business day.
Will Bank of America refund a late fee if I pay late by accident?
Bank of America may waive a late fee if you have a good payment history and contact them within a few days of the late payment. Call the mortgage department and explain the situation. There is no may provide, but it is worth asking, especially if it is your first late payment.
Can I pay my mortgage twice a month to pay it off faster?
Yes. You can make extra payments toward principal at any time without penalty. Some borrowers make biweekly payments (every two weeks) instead of monthly, which results in one extra payment per year and shortens the loan term. Bank of America will not charge you for this.
What is the difference between my due date and my grace period?
Your due date is when the payment is due. Your grace period is the number of days after the due date before a late fee is charged — usually 15 days. A payment is still reported as late to credit bureaus after 30 days, even if you are still within the grace period for the fee.