When is Your First Mortgage Payment Due After Closing?

Key takeaways

• Your first mortgage payment is usually due on the first of the month, one full month (30 days) after the closing date.
• Add 30 days to your closing date and find the first day of the next month.
• For example, if you close on June 15, your first payment is likely due on August 1. 

As a first-time homebuyer, there are plenty of dates and payments to keep track of leading up to closing. After becoming a homeowner, one ongoing date you’ll need to plan for is your mortgage payments. But how do you find out when your first mortgage payment is due after closing?

In this Redfin article, we’ll outline how you can find out when your first mortgage payment is due and how much it could be. Whether you’re buying a home in Columbus, OH, or a condo in Chicago, IL, here’s what you need to know before paying your first mortgage. 

When is your first mortgage payment due?

Your closing date determines when your first mortgage payment is due. In most cases, it will be due on the first day of the second month after your closing date. One way to estimate your due date is to add 30 days to the closing date and find the next month. 

For example, if you close on June 15, adding 30 days would bring you to July 15. The next full month is August, so that’s when you should expect your mortgage payment to be due. Every lender is different, so be sure to check your closing documents, as they should also specify the first payment date.

How much is your first mortgage payment after closing?

Your first mortgage payment will likely be listed in your closing disclosure, which you’ll receive before closing day. Mortgage payments usually include the following:

• Loan principal
• Interest
• Taxes, if included
• Homeowners insurance, if included
• Private mortgage insurance (PMI), if applicable

Typically, your mortgage payment includes four parts, abbreviated as PITI: principal, interest, taxes, and insurance. Your payment may also include PMI if you had a lower down payment. Some may include HOA fees; however, many HOA fees are paid directly to the board, rather than included in your mortgage payment.

Why is the first payment higher than expected?

It’s common for your first mortgage payment to be higher since there is a longer gap between closing and your first scheduled payment. This is largely due to the occurring interest. Most lenders charge interest per diem (per day), which can drive up the cost of your first payment.

Some lenders include this additional interest in what you pay on closing day, while others may roll it over to your first mortgage payment.

For example, you may be paying interest for 45 days, rather than just a 30-day month. In most cases, your principal and interest will stay the same throughout the life of your loan. You’ll likely see yearly fluctuations in insurance costs or property taxes, which can impact your payments.

Can you change when your mortgage payment is due?

Sometimes lenders will allow you to choose which day of the month you pay your mortgage. If allowed, it can be a good idea to choose a date that aligns with when you receive your paycheck. 

Some lenders may only give you two options, one date at the beginning of the month and one during the middle of the month. For example, they may allow you to choose between the 1st or the 15th of the month. Always be sure to speak with your lender so that you know what your payment options are. 

3 steps to pay your mortgage 

1. Set up an account with your mortgage servicer

You’ll need to set up an account to pay your mortgage, typically through a mortgage servicer, which may or may not be your lender. Your lender often “sells” your mortgage to a mortgage servicing company. You’ll be notified if this happens, so you can set up an account for payments going forward. 

2. Decide how you’ll pay your mortgage

Most homeowners set up automatic payments, which can be the easiest way to ensure you’re making payments on time. Some lenders may offer incentives or discounts for using autopay. You can also pay manually online, by check, or by phone, but these options will require you to be diligent about paying on time. Your lender may have a preferred payment method, so it’s important to check with them in advance. 

3. Make sure you have enough funds

Buying a home includes a lot of unexpected expenses, so it’s important to make sure you have enough funds to cover your first few mortgage payments. Many lenders don’t accept payments via credit card, so you’ll want to ensure your checking or savings accounts have the appropriate funds to cover your mortgage.

What happens if you miss your mortgage payment?

The first step is to pay your mortgage as soon as possible. Many lenders offer a grace period, typically between 10 and 15 days, before they charge you any late fees or other penalties. If you pay after the grace period, then your payment is considered late. 

If you anticipate you’ll be late on your mortgage, it’s best to speak with your lender in advance, as they may be able to change your payment schedule. Repeated missed or late payments can impact your credit score, affect your ability to get another mortgage, or, in the worst case, could lead to foreclosure. 

FAQs about paying your mortgage

What is included in your first mortgage payment?

Typically, you’ll pay the additional interest incurred between closing day and your next mortgage payment, along with PITI for the 30 days following. After this initial payment, your mortgage should only consist of PITI for the month ahead.

Where do you pay your mortgage?

You can pay online via your lender or servicer’s website, send a check, or pay via phone. 

Do you skip a mortgage payment after closing?

You don’t technically skip a mortgage payment after closing, but it can seem like it. Since you don’t pay until the next full month, there may be a month in between where you don’t have a mortgage payment due. However, you’ll either pay additional money at closing or when the first payment is due to make up the difference. 

Do I pay HOA fees with my mortgage?

It’s uncommon to pay HOA fees with your mortgage, but it can happen. Many HOAs request that you pay them directly. There are some cases, such as new developments, where HOA fees may be included in your mortgage payment. 

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