Is there a penalty for a late Golden 1 First Mortgage payment? If so, how is it calculated?

Late charges are dictated in the Promissory Note and are generally 5% of the monthly principal and interest payment. For example: if the monthly principal and interest payment is $1,000.00 and escrow payment is $425.00, the late charge will be assessed on $1,000.00 not paid during the grace period.

If you made a partial payment, then late charges will be assessed on the remaining principal and interest amount due.