When is first mortgage payment due?

Question:

I know two people closing on homes this month, one day away from each other. One person who is closing, their first payment is due May 1st. Another person who is closing, their first payment will not be due until June 1st.

Does your payment start immediately, or is their a grace period, or does it all depend on your bank? Does anyone know? Thanks.

Re: When is first mortgage payment due?

both times we have bought, the first payment was included in the closing costs so you have a month to kind of rebuild your bank account

could they be closing the last of the month and the first of the next month?

Re: When is first mortgage payment due?

We are closing around May 30th. We were told our first mortgage payment was going to be July 1st. I guess that will be our anniversary present to each other. Our one-year is July 2nd.

Re: When is first mortgage payment due?

Technically there is no grace period like everyone says. If there seems like there is a grace period for some it is because their first payment was due at closing. Any additional time might be due to the due date of the monthly mortgage payment.

I know it seems like they are giving you a few weeks free but unfortunately it's not the case. You wind up paying one way or another.

Re: When is first mortgage payment due?

We closed in Mid-May and our first payment was due on the first or second of July.

Re: When is first mortgage payment due?

Re: When is first mortgage payment due?

My understanding is that interest accrues throughout the month so your June 1st payment relates to the interest that accrued for the month of May. If your closing were today, you would pay the interest for April up front at closing. That makes you "skip" the May 1 payment so your first full payment would be June 1. In a way you are actually paying it prior to when it would normally be due....

Re: When is first mortgage payment due?

I understand. Thanks everyone for your responses!

Re: When is first mortgage payment due?

Re: When is first mortgage payment due?

I just closed on the 5th & my first payment isn't due until June 1st. The reason is because when you make your first mortgage payment you are paying interest for the month previous. SO when you make your june payment you are paying mays interest, this is the reason you pay interest from the date you close to the first of the next month to "catch you up". I really think it depends on your bank but from my experience at work & my house you get a full month off.

Re: When is first mortgage payment due?

we closed late in august and our first pmt was due oct 1st

Re: When is first mortgage payment due?

We just closed on our condo and the first payment is due June 1. The interest for May was paid in the closing costs. I have an I/O loan.

Re: When is first mortgage payment due?

We closed 12/13/05 and our first payment was due 2/1/06

Re: When is first mortgage payment due?

Re: When is first mortgage payment due?

There is no such thing as a "free month"

Re: When is first mortgage payment due?

We closed dec 9, 04 our first payment was due on Jan 15, 05 Exacly 7 days after our wedding. I actually wrote the check the day after the wedding....boy was that an expensive few weeks...

Re: When is first mortgage payment due?

We closed March 28 and our first payment was due May 1.

Re: When is first mortgage payment due?

I was told that it depends on your bank and the actual date of the closing.

We closed on 2/14 and our first payment was due on 4/1

Re: When is first mortgage payment due?

Only when you close on the 1st of the month, should your first payment be due the 1st of the following month. Ex. If you close April 1st, then your next payment is due May 1st.

Any other time of the month, then your first payment will be due on the 1st of the second month. Ex. If you close April 2nd, then your next payment will be due June 1st.