When Is My First Mortgage Payment Due?

Understanding the exact due date for your first mortgage payment is important for homeownership. This initial payment is not always due immediately after you close on your loan, which can lead to confusion. Knowing when this obligation begins allows for proper budgeting and financial planning as you settle into your new home. It helps ensure a smooth transition from closing to your regular monthly payment schedule.

Standard First Payment Timing

Your first mortgage payment typically follows a common rule: it is due on the first day of the second full month after your loan closing. This timing is standard because mortgage payments are made in arrears, covering interest accrued during the previous month. For example, a payment made on August 1st covers interest accumulated in July.

This structure means you do not make a mortgage payment for the month you close. Instead, at closing, you pay “pre-paid interest” or “per diem interest.” This covers interest from your closing date through the end of that month. This upfront payment compensates the lender for the initial period you own the home before your first full monthly payment begins. While it might seem like you are skipping a payment, you are paying the interest for that initial partial month at closing.

Key Factors Determining Your Due Date

The day of the month you close on your mortgage directly influences the time between closing and your first payment. Closing early in a month generally provides a longer period before your first payment is due compared to closing later. This is because the calculation always targets the first day of the second full month following closing.

For example, closing on the 5th of a month means you pay prepaid interest for approximately 25 days at closing, and your first payment is then due about two months later. Conversely, closing on the 28th of a month means you only pay prepaid interest for a few days, and your first payment will be due approximately one month later. While the general rule applies broadly, slight variations can occur based on individual lender policies. However, the fundamental principle of payments being due on the first of the month after a full preceding month remains consistent.

Steps to Determine Your First Payment Date

To determine your first mortgage payment date, first identify your loan closing date. Next, consider the first full calendar month that occurs after your closing. Your first mortgage payment will be due on the first day of that determined month.

For example, if you closed on April 10th, the first full calendar month after closing would be May, making your first payment due on June 1st. If you closed on July 25th, August would be the first full calendar month after closing, making your first payment due on September 1st.

Verifying Your First Payment Date

After determining your estimated first payment date, confirm this information through official channels. The most reliable source for your exact first payment date is your Loan Closing Disclosure. This document provides a comprehensive overview of your final loan details, including terms, costs, and projected monthly payments. The precise first payment due date is explicitly stated within this document.

Your mortgage servicer will also send you a first payment statement. This statement indicates the due date and amount due for your initial payment. If you have doubts or cannot locate this information, contact your mortgage servicer directly. They can provide clarification and confirm your first payment date.