When Is Your First Mortgage Payment Due?

Purchasing a home often brings excitement and new financial responsibilities, including understanding your mortgage. One common question for new homeowners revolves around when the first mortgage payment is due. Knowing this timeline is important for effective financial planning and to ensure a smooth transition into homeownership.

Typical First Payment Timeline

Your first mortgage payment is due about 45 days after your closing date. This timeline arises because mortgage payments are paid in arrears, covering interest accrued during the previous month, not the current one. For instance, a payment due on October 1st covers the interest from September 1st through September 30th.

At the time of closing, you will pay “prepaid interest” which covers the interest from your closing date through the end of that same month. If you close on June 15th, for example, you would pay interest for June 15th through June 30th at closing. Your first monthly mortgage payment would then be due on August 1st, covering the interest for the entire month of July. This structure ensures that interest is always accounted for without a gap.

This system means you have a period of 30 to 60 days between your closing date and your first official mortgage payment. While it might seem like you are skipping a payment, you are not. The prepaid interest collected at closing simply accounts for the initial period of interest accrual before your regular monthly payments begin.

Factors Influencing the Due Date

While the general 45-day rule applies, several factors can influence your first mortgage payment’s exact due date. The specific day you close within a month can slightly shift this timing. Closing earlier in the month, such as on the 5th, means you will pay more prepaid interest at closing to cover the remaining days of that month. This also provides a longer gap before your first full payment is due on the first day of the second subsequent month.

Conversely, closing later in the month, for example on the 25th, results in less prepaid interest collected at closing. However, this also means your first mortgage payment will be due sooner, on the first day of the second subsequent month. The underlying principle of paying interest in arrears remains consistent regardless of the specific closing date.

Weekends and holidays can also affect your payment due date. If your calculated payment due date falls on a weekend or federal holiday, the payment shifts to the next business day. Loan servicers also require administrative time to set up your account after closing. This setup period can influence the precise day your payment is due.

Preparing for Your First Payment

After your mortgage closing, your loan servicer will send important communications regarding your account. You should expect to receive your first mortgage statement or a coupon book in the mail. This document will detail your exact payment amount, the due date, and available payment options. Review this information immediately upon receipt.

Your loan servicer, who manages the day-to-day aspects of your loan, might be different from the original lender who approved your mortgage. The closing disclosure document, provided at closing, will clearly identify your loan servicer and their contact information. Knowing who your servicer is allows you to direct any questions or concerns to the correct entity.

Many servicers offer online portals for account management. Setting up online account access allows you to view your statements, track payment history, and manage future payments conveniently. Registering for this access early can streamline the payment process. Your monthly mortgage payment includes principal and interest, and incorporates funds for property taxes and homeowner’s insurance held in an escrow account.

Making Your First Payment

Once you have received your first statement and established online account access, you can proceed with making your initial mortgage payment. Many homeowners choose to pay online through their servicer’s dedicated web portal. This method allows for one-time payments or setting up recurring automatic payments from your bank account.

Another common method is to mail a check directly to your loan servicer. The correct mailing address for payments will be clearly indicated on your monthly statement or coupon book. When mailing a payment, allow sufficient time for delivery to ensure it is received by the due date and to avoid late fees.

Some loan servicers also provide the option to make payments over the phone. You can find the appropriate phone number on your statement or the servicer’s website. This method can be useful if you need to make a payment quickly or prefer to speak with a representative directly.