When Is My First Mortgage Payment

Rather, your first mortgage payment is made one month after the last day of the month you closed on the home. That means if you closed on the 20th of October, your first payment would be on the 1st of December – one month after the last day of the closing month.

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So even though your mortgage payments are technically due on the first each month, you can pay as late as the 15th every month without any kind of penalty. This is known as the “mortgage grace period,” similar to other grace periods you see with all types of other loans.

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I pay $700 over the payment amount of $1,300 for my mortgage ($2,000 total). I pay all that on the due date via automatic payments through my bank to the mortgage site (Quicken/Rocket). I’m wondering, however, if there would be any benefit or risk in sending that extra $700 in principle reduction at any time other than the 1st of the month.

What we call a monthly mortgage payment isn't just paying off your mortgage.. That would mean you'd pay a whopping $533 on your first month's mortgage.

A very popular question from a home buyer is “When is my first mortgage payment due after closing?”. More than likely your mortgage payment is due on the first of each month. Actually, traditional mortgage loans like conventional, FHA, VA, and USDA loans require payments due on the first of each month.

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Your First mortgage payment explained. You will then owe 16 days of interest from March 15th that will stand at 666.72 and will be charged on your closing statement as a closing cost. When you make the first payment on November 1st that mortgage payment will pay the interest as follows; 1610.46 minus 1249.99 interest for october equals 360.47 principal reduction.

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be sure to note that the payment should be applied toward the principal. Doing so will reduce your interest over time as you chip away at that balance. I don’t have a mortgage of my own, but I spent.

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