When Is Your First Mortgage Payment Due?

Your first mortgage payment is usually due one full month after your closing month ends. That means if you close in June, your first payment will be due on August 1 and cover mortgage costs for the previous month.

The majority of homebuyers use a mortgage to purchase a home, which means making mortgage payments is a common practice. Whether you’re considering buying a home or you just closed on a new home purchase, we’ll help you understand everything you need to know about your first mortgage payment.

How long after closing is my first mortgage payment due?

Expect your first mortgage payment about 30 to 60 days after closing. For example, if you close in June, you will make June’s mortgage payment at closing, skip July, and then make your first full payment on August 1. This schedule typically applies no matter what day of the month you close.

Your exact due date will be spelled out in your loan documents and confirmed by your mortgage servicer. Always review the welcome letter or online account setup details after closing so you know when to send that first payment.

How much is my first mortgage payment?

Your first mortgage payment should be the same as your regular monthly payment. Most payments include three main parts:

• Principal: This is the total amount you borrowed. A portion of your mortgage payment will be applied to your principal lowering your remaining loan balance.
• Interest: This is the cost of borrowing money from a lender. The interest rate you receive will inform how much of your payment goes toward interest.
• Taxes and insurance: If your mortgage servicer is paying your home insurance and property tax premiums on your behalf each year, they will split the cost into equal monthly payments and collect them with your principal and interest.

Mortgage lenders use an amortization schedule to track how much principal and interest you’ll have left to pay at any point over the life of your loan. You can use Zillow’s Amortization Calculator to view your monthly breakdown and estimate how long repayment will take.

Keep in mind that escrow amounts can change when property taxes or insurance premiums are adjusted, which means your total monthly payment may rise or fall over time even with a fixed-rate loan. If you choose an adjustable-rate mortgage, you should expect your principal and interest payment to change periodically when your interest rate adjusts according to your loan terms.

When do mortgage payments start?

Mortgage payments are typically due on the first of each month. Once your first mortgage payment due date arrives, you’ll continue paying monthly until the loan is repaid.

Most lenders give a short grace period, usually 15 days, before charging a late fee. But paying on time is the best way to protect your credit and avoid unnecessary costs. 

Can you change the due date of your mortgage payment?

Some mortgage servicers let you adjust your payment date, usually to another day within the first half of the month. This flexibility can help align your payment with your paycheck schedule.

Not all lenders offer this option, and some may charge a fee to make the change. Call your servicer directly to find out what’s possible. If your due date can’t be moved, you can still time your autopay to draft right after your paycheck arrives.

How to make your first mortgage payment

After closing, you’ll get instructions from your mortgage servicer on how to set up your payments. Most lenders offer several payment options:

• Online payments: You can pay your mortgage by logging in to your lender’s website or mobile app, if available.
• Automatic payments (ACH): You can set up recurring transfers from your bank account to have your mortgage payments pulled directly from your checking or savings.
• Phone payments: Some lenders may let you call a payment line to submit your mortgage payments over the phone. This service may include fees.
• Mail-in payments: While not as common, you may be able to send a check for your mortgage payment to the address provided in your payment coupon book.
• In-person payments: If your lender offers a local branch, you may be able to visit the physical location and make your payment in-person.

Are mortgages paid in arrears?

Yes. Mortgages are paid in arrears, meaning each monthly payment covers the previous month’s costs. For example, your August 1 payment covers July’s interest plus a portion of your principal and, if escrowed, your taxes and insurance.

That’s why you don’t make a full payment the month immediately after closing. You already prepaid interest at closing, and your first full bill comes due the following month.

How many months ahead can I make my mortgage payment?

You generally can’t pay more than a year in advance on a traditional mortgage, but you can always pay extra to reduce your loan balance faster. Extra payments should be applied to principal, not to your next month’s bill, so your interest charges go down over time and you build equity.

Paying a few days early doesn’t save interest. To see real savings, you need to make additional payments that reduce principal. Generally, you can make a large one-time payment or split your monthly bill in half and pay every two weeks, which adds up to one extra payment per year. B

Before sending extra money, though, contact your servicer to ensure the extra payment will be applied toward the principal balance, not interest. Avoid using a third-party company to make extra payments, as these charge fees.

What happens if I miss a mortgage payment?

Missing a mortgage payment on the due date can feel overwhelming, but one slip doesn’t mean you’ll lose your home. Most lenders offer a short grace period of about two weeks before charging a late fee. If your payment becomes 30 days late, it’ll almost certainly appear on your credit report and lower your score.

If you continue to fall behind, the consequences can grow more serious. Around 90 days late, your lender may trigger an acceleration clause, which demands repayment of the full loan balance. If you’re unable to catch up, foreclosure proceedings may begin, and in some states, you could still owe money if your home sells for less than what you owe.

The most important step is to act quickly. Call your lender as soon as you know you might miss a payment. Many offer options like a repayment plan, forbearance, or a loan modification to help you stay in your home.

Your first mortgage payment marks the beginning of building equity in your new home. Understanding exactly where your payments go over time can help you make informed decisions about your mortgage strategy.