Quick insights

• Your first mortgage payments will usually be due the first full month after closing. To determine your due date, go 30 days from your closing date, then jump to the 1st day of the next month.
• Your monthly payment will include the principal and interest and may also include homeowners insurance, mortgage insurance, property tax payments and/or homeowner association fees.
• You may have some control over when your mortgage payment will be due, but being prepared before then can help ensure that your payments are made in full and on time.

When is your first mortgage payment due?

If you’ve closed on a home, congratulations. You’ve gone through the mortgage process and are now officially a homeowner. In addition to moving into your new home, you’ll also need to start paying for it. That means being ready to start making your mortgage payments.

If this is your first time managing a mortgage, here are the answers to some common questions about making your first mortgage payment, as well as the payments after that.

When is the first mortgage payment due after closing?

For most mortgages, your payments will start the first full month after closing. To determine your due date, look out 30 days from your closing date, then jump to the 1st day of the next month. So if you closed on your home on June 23, your first mortgage payment would be due on August 1.

In some cases, you may be able to pre-pay the interest and make your first payment on the second month after closing. However, your first payment must be made within 60 days of closing. So make sure you’re accounting for months with 31 days.

That said, everyone's mortgage is different, so check your closing documents to confirm when your first payment and subsequent payments will be due.

How much will my first mortgage payment be?

Your mortgage payment will usually include the principal, interest, property taxes and insurance (PITI) for your loan. Applicable homeowner’s association (HOA) fees are usually handled separately from your mortgage payment.

For your first mortgage payment, the principal and interest will be spelled out in your mortgage agreement. If you have a fixed-rate mortgage, this will be the principal and interest portion of your payment for the life of the loan. If you have an adjustable-rate mortgage, the principal and interest portion of your payment will be fixed for the introductory period and change after that based on the terms.

While your property taxes and insurance rates should also be spelled out in your mortgage agreement, you should be prepared for these to change annually depending on how property taxes are assessed for your area and the terms of your insurance policy.

Why is the first mortgage payment higher?

In some cases, your first month’s payment may be higher than expected. This is because payments can fluctuate due to escrow amounts increasing or decreasing. Mortgage payments are amortized, so your first payment won’t be more than the rest. It just might be different after closing.

That said, your mortgage payment can change over the life of your loan. So make sure you stay on top of all notifications from your mortgage lender or servicer.

Can I choose the date for my mortgage payment?

Many lenders will allow you to select which day of the month you make your mortgage payment. For example, if you’re paid monthly, you may want to adjust your payment date so there’s time for your paycheck to appear in your account before your mortgage payment is due.

Some lenders or servicers may allow you to choose your own date, while others may limit you to selecting either the 1st or 15th of the month. Make sure to also review your lender’s grace period policy to avoid late fees.

As always, talk with your lender or service provider to ensure you’re not at risk of being late with your payments.

How to prepare for your first mortgage payment

Before you make your first mortgage payment, you’ll want to plan ahead so you’re ready to make it with as little stress as possible. Here are a few tips to help you do that.

Get set up with your mortgage servicer

Once you close on your mortgage, you’ll likely need to make your payments to either the lender or a third-party mortgage servicer. Make sure you’ve provided your servicer with any requested paperwork, set up any necessary online accounts and linked the correct checking or savings accounts to your servicer’s account.

Common payment methods include auto pay from a checking or savings account, using an online payment portal, sending a check by mail or calling by phone. However, you’ll want to see if your lender has a preferred method.

Make sure you’re ready to make your payment

When you move into your new home, you may find you’ll have unexpected expenses to cover. These can include everything from additional moving expenses or unanticipated payments for home repairs and improvements to additional money needed for furniture and other things you need to make your house a home.

Also, you usually can’t put your mortgage payment on a credit card. So to ensure you’re ready and don’t come up short, try to have your first month’s mortgage payment set aside in a savings or checking account before closing.

What if I’m late with a mortgage payment

If you’re late with a mortgage payment, your lender will usually provide you with a grace period before they charge any late fees or penalties. If you’re concerned that you won’t be able to make your payment, contact your lender. They may be able to help you by adjusting your payment schedule.

If you’ve suffered a financial setback, you may be to apply for mortgage assistance. There are different programs available depending on the specifics of your situation.

The most important thing to remember is if you’re concerned about not being able to make your payments on time for more than a month, you should contact your lender immediately so you can both take steps to avoid the risk of foreclosure.

Keep in mind, even if you’re able to manage your mortgage payments with your lender, a late payment can still show up on your credit report. This can hurt your credit score, making it harder to borrow money in the future.

In summary

Making your first mortgage payment is just the beginning of your journey to enjoying the long-term benefits of homeownership. If you’re looking to get the homebuying process started, talk to one of our home lending experts about getting preapproved for a mortgage.