when will my first house payment be due

If you close on October 6, at closing you pay for the old loan through October 6 and the new loan to October 31. You start owing money for the new mortgage on November first. Interest is paid in arrears, so the first payment due on the new mortgage is due 30 days later on December 1st. The October payment is being paid at closing.

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Set Up Your First Mortgage Payment to be Due in 2 Months. If you are set to close at the end of the month, say August 28th your first payment will be due October first. You could move your closing date forward to the next month – say September 3rd so you will have until November 1st before your first mortgage payment is due which is almost 60 days from the day you close.

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Usually the first mortgage payment is due 1 month after you close on the house, but you may get a choice of dates at the closing depending on what day you close during the month.

Generally, your first mortgage payment is due on the 1st day of the 2nd month following your closing date. For example, if you close in February, your first mortgage payment will be due on Aproil 1st. Generally speaking of course.

Best Answer: your agent is 1/2 right. settle Dec 1 and the first payment isn’t due until feb 1. settle on wed 11/26 and your first payment is due Jan 1. Wed is NOT a holiday.

After completion and before the first payment date the lender will write to you and tell you how much the first payment will be. So, if you complete today (15th), and your payment is due on 5th of next month, on the 5th you will pay your regular monthly payment (i.e. for November) plus the pro-rata amount for the days in October after completion.

Generally your first monthly payment will be due on the first of the second month after you close. That’s where you’re getting the (mistaken) 60 days figure. For instance, if you close on Jan 20, part of what you pay at closing will include the mortgage interest for the 20th through the end of that month (10 days).

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