When Are Mortgages Due? Monthly & Final Due Dates

A mortgage is a loan used to purchase property. Understanding its repayment schedule, including both monthly payment deadlines and the final due date, is important for financial stability and avoiding additional costs. A mortgage involves both recurring monthly payment deadlines and a definitive final date by which the entire loan must be repaid.

Monthly Mortgage Payments and Due Dates

Mortgage payments are typically scheduled for a specific day each month, often the first. This recurring due date is established during loan origination and is a fundamental aspect of the loan agreement. While the payment is officially due on this date, most lenders provide a grace period.

This grace period, commonly ranging from 10 to 15 days, allows borrowers to submit payment without incurring a late fee. For instance, if a payment is due on the first of the month, a 15-day grace period means the payment could be made as late as the 16th without penalty. The payment is still considered due on the original date, despite this grace period.

Making a payment after the official due date but within the grace period helps avoid late fees, which can range from 3% to 6% of the monthly payment. Payments received after the grace period concludes are subject to these fees and are considered late.

The Mortgage Loan’s Final Due Date

Beyond the monthly payment schedule, every mortgage loan has a “maturity date” or “final due date.” This is when the entire outstanding loan balance, including all principal and interest, must be fully satisfied. This date signifies the end of the loan term, after which the homeowner has full ownership of the property, free of the mortgage lien.

The final due date is determined by the mortgage term chosen at loan origination. Common mortgage terms in the United States include 15-year and 30-year loans, though other durations like 20 years are also available. For example, a 30-year fixed-rate mortgage has an amortization schedule designed to fully repay the loan over three decades.

This long-term repayment plan, known as amortization, dictates how much of each monthly payment goes toward principal and interest over the life of the loan. This ensures the loan is paid off by the maturity date. By the final due date, all scheduled payments should have been made, leading to the full satisfaction of the debt.

Finding Your Mortgage Due Dates

Locating your specific mortgage due dates involves reviewing key loan documents. The Promissory Note, signed at closing, outlines your loan terms, including the monthly payment amount, the start date for payments, the final installment due date, and where payments should be sent. This document also details any grace period provisions.

The Closing Disclosure provides a comprehensive summary of the final loan terms, including your monthly payment amount and other financial details. This document is provided at least three business days before your closing date for review. Both the Promissory Note and the Closing Disclosure are important for understanding your payment obligations.

Your monthly mortgage statements regularly display the current payment due date. Most mortgage servicers also offer online borrower portals where you can access your payment history, upcoming due dates, and loan term details. If these resources do not provide clear information, contact your mortgage servicer directly to confirm your specific due dates.