When is my first mortgage payment due?

B

Since mortgages are paid in arrears, meaning you always pay for interest that accrued during the prior month, the first payment is typically due after you have held the mortgage for one full calendar month. For example, if you close on the 25th of January, your closing costs include prepaid interest for January 25th – January 31st. Interest then accrues during February which is paid with the first payment due on March 1st. Payments are not considered late until the 16th of the month.

Tag: Mortgage Payments