When is your first mortgage payment due? Mortgage payments are paid in arrears. This means that you are making payments for the past, not in advance like you do when paying rent. With a mortgage, January’s payment is due in February, February’s payment is due in March and so on. Continuing with our June example by closing at the end of the month your first payment would not be due until August.
Generally, your first mortgage payment is due on the 1st day of the 2nd month following your closing date. For example, if you close in February, your first mortgage payment will be due on aproil 1st. generally speaking of course.
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After completion and before the first payment date the lender will write to you and tell you how much the first payment will be. So, if you complete today (15th), and your payment is due on 5th of next month, on the 5th you will pay your regular monthly payment (i.e. for November) plus the pro-rata amount for the days in October after completion.
You may get more time than you think to make your first mortgage payment after the closing. You would think it would be due the 1 st of the month following your closing, but it’s usually not. Luckily, you get an entire month before you have to make that first payment.
You’ll be charged prorated daily interest from March 15 through March 31 on your closing statement. The interest collected at closing will cover the interest due on your mortgage for those last 16 days in March. Then your first mortgage payment will be due on May 1 and that payment will include the interest for April.
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If you were to close on February 3rd, and asked for a 1st mortgage payment due date of March 1st, then instead of being charged interest at closing, you would be given an "interest credit" (instead of being charged interest) from the lender of 2 days (Feb 1st & Feb 2nd). and your march 1st payment would be a normal full payment.