When is first mortgage payment due? – ficoforums.myfico.com – 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.
When Is the First Mortgage Payment Due After Closing. – The First Payment. This means that if you close on September 10, your first mortgage payment isn’t due for another 51 days – 20 days for the balance of September, plus October’s 31 days. But if you close on September 20, you’ve got to come up with that first mortgage payment only 41 days after closing.
So, when you close on an FHA mortgage – or any mortgage loan – you are going to skip the month following the closing, and the first payment will be due on the first day of the next month.
Well, mortgage payments are generally due on the first of the month, every month, until the loan reaches maturity, or until you sell the property. So it doesn’t actually matter when your mortgage funds – if you close on the 5th of the month or the 15th, the pesky mortgage is still due on the first.
If you close within the first 5 days of the month, the lender & you have the option of making your 1st payment due the 1st of the immediate month (i.e. closing on February 1st through the 5th would allow the option of having a 1st month’s payment of March 1st).
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Example: If you close your mortgage on August 20th, your first mortgage payment isn’t due until October 1st. However, at closing, you would need to pay the remaining interest for the month of August, or 11 days worth; this is typically known as prepaid interest, and appears as a closing cost.
Now, you won’t make a mortgage payment august 1 because that interest, which is typically collected in arrears, was already collected at the time of your closing. Your "normal" mortgage.
Question about closing and when first payment would be due. Asked by Kristi Maris, Colorado Thu Dec 27, 2012. We are buying a house (FHA) and hoping to close soon. My question is this – say if we close on January 20th – how many days after closing would our first payment be due?