When Is Your First Mortgage Payment Due?

Homeownership brings new responsibilities. Understanding your financial obligations, particularly when your first mortgage payment is due, is crucial for a smooth transition. Preparing for this initial payment ensures a positive start to managing your home loan.

The Standard First Payment Schedule

Your first mortgage payment is due on the first day of the second full calendar month after your closing date. For instance, if you finalize your home purchase in mid-January, your first payment would be scheduled for March 1st. This provides a buffer period before your initial payment is due.

This delay occurs because mortgage payments are made “in arrears,” meaning each payment covers the interest accrued during the previous month. At closing, you prepay the interest that accumulates from your closing date through the end of that same month. Your first regular monthly payment then covers the interest for the first full month you own the home, not the partial month of closing.

Factors Affecting Your Due Date

While the “first day of the second full calendar month” is a general rule, certain elements influence the precise timing of your first payment. Your closing date within a month plays a role: closing earlier means prepaying more interest but having a longer period before your first mortgage payment is due. Conversely, closing later results in less prepaid interest but a shorter interval until your first payment.

If the calculated due date falls on a weekend or federal holiday, your payment will be due on the next business day. Some lenders might have slight variations in their initial processing timelines. However, your first payment must be made within 60 days of closing, a consistent guideline.

Confirming Your Specific Due Date

To confirm your mortgage due date, several key documents and resources are available. The Closing Disclosure (CD) is a primary document outlining the finalized terms of your mortgage, including your payment due date and details of your monthly payment. Lenders are legally required to provide this document at least three business days before closing, allowing time for review.

The Promissory Note is another legal document you sign at closing, detailing your promise to repay the loan and specifying the payment schedule, including the due date, payment amount, and interest rate. After closing, your loan servicer will send a welcome packet or provide access to an online portal where all payment details, including the first due date, will be stated. If you are unable to locate this information in your documents, directly contacting your loan servicer is the most effective way to confirm your specific due date.

Making Your Initial Payment

Once you confirm your first mortgage payment due date, understanding the available payment methods is important. Most loan servicers offer options like online portals, mail, or phone payments. Many homeowners find setting up automatic payments to be the most reliable method, as it ensures payments are made consistently on time and helps avoid accidental missed due dates.

Paying on time is important to prevent late fees and potential negative impacts on your credit score. A mortgage payment is considered late if not received within a grace period, which extends for 10 to 15 days past the due date. After your payment is processed, you can expect to receive a confirmation receipt or see updates reflected in your online account.