When will my first mortgage payment be due?

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When will my first mortgage payment be due? This is a common question that arises when individuals are in the process of purchasing a home. Understanding the timeline for making mortgage payments is crucial for budgeting and financial planning. In this article, we will delve into the details of when your first mortgage payment will be due, taking into account various factors that may influence the specific date.

Understanding the Mortgage Process

Before we discuss when your first mortgage payment will be due, let’s briefly go over the general process of obtaining a mortgage. When you purchase a home, you typically secure a loan from a lender to finance the purchase. This loan is referred to as a mortgage. The mortgage is secured by the property itself, which means that if you fail to make your mortgage payments, the lender has the right to foreclose on the property.

Once your mortgage application is approved, you will go through the closing process. During the closing, you will sign various documents, including the promissory note, which outlines the terms of your mortgage, including the interest rate, repayment schedule, and the due date of your first payment.

When Will Your First Mortgage Payment Be Due?

The due date of your first mortgage payment depends on several factors, including the closing date and the terms of your loan. In most cases, your first mortgage payment will be due on the first day of the month following the closing. For example, if you close on your mortgage on June 15th, your first payment will typically be due on August 1st.

However, it’s important to note that some lenders may offer a grace period for the first payment. This means that even though your first payment is technically due on August 1st, you may have until the 15th or 30th of the month to make the payment without incurring any late fees or penalties. It’s essential to clarify this with your lender to avoid any confusion.

Prepaid Interest and Escrow

In addition to your first mortgage payment, you may also be required to pay prepaid interest and set up an escrow account at closing. Prepaid interest is the interest that accrues on your loan from the closing date until the end of the month. This amount is typically due at closing.

An escrow account is a separate account held by the lender to cover property taxes and homeowners insurance. Depending on your loan agreement, you may need to make an initial deposit into the escrow account at closing. This deposit ensures that there are sufficient funds to cover these expenses when they become due.


In conclusion, your first mortgage payment is generally due on the first day of the month following the closing of your loan. However, it’s important to confirm this date with your lender, as some may offer a grace period. Additionally, be prepared to pay prepaid interest and set up an escrow account at closing. Understanding these details will help you plan your finances accordingly and ensure a smooth transition into homeownership.


– Investopedia: www.investopedia.com
– The Balance: www.thebalance.com
– Bankrate: www.bankrate.com