How long after closing escrow on a house are you required to make the first mortgage payment?

I was just wondering how long after closing escrow do you make your first mortgage payment?

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  • Anonymous
    1 decade ago
    Favorite Answer

    Barring anything unusual, you do not make a payment until the 1st of the 2nd month after you close.

    So if you close on December 5, 2009, you would pay the 1st payment on February 1, 2010.

    If you close on January 2, 2009, you would pay the 1st payment on March 1, 2010.

    If you close on December 29, 2009, you would pay the 1st payment on February 1, 2010.

    Good luck.

    Source(s): Finance and Mortgage Consultant since 1978
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  • 3 years ago

    First Mortgage Payment After Closing

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  • glenn
    Lv 7
    1 decade ago

    The papers you sign at closing will specify that and your loan officer will also know.

    Most of the time you do not pay a payment on the 1st of the next month but not until the 1st of the month following that. That is why at closing you pay a fee called pre paid interest.

    Most mortgage companies have you pay "interest in arrears" so that when you make your house payment you are paying interest on the loan for the whole entire month that just passed. At closing you would pay interest for the days left in the current month.

    It is possible to arrange it in a different way. If you close on the 2nd of the month you can often pay no prepaid interest and have your first payment be the 1st of the very next month instead. I would not suggest that- I think you get shorted a couple of bucks that way.

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  • 1 decade ago

    Mortgage payments are almost always due on the first of the month. If you close on 3/31/09 your first payment would be due 5/1/09. We have to give at least 25 days after closing. If you close on 4/5/09 payment could be due on 5/1/09 but if you close on 4/6/09 it would be 6/1/09 but you would pay daily interest on the loan at closing from the 6th through the 30th in that case. Always best to close on the last day of the month, that way you don't pay daily interest & you have a month before payment is due.

    Source(s): 23 years mortgage lender.
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  • Anonymous
    1 decade ago

    Check your closing statement from the escrow company. It will state how many days of interest was included in the closing costs. For example:

    If you closed on the 5th of the month and there are 26 days of interest payments, then your first payment is due on the 1st of the next month.

    If you closed on the 25th of the month and there are 36 days of interest payments, then your first payment is due in 36 days.

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  • Debdeb
    Lv 7
    1 decade ago

    It depends on the individual lender. I refinanced on July 31, and didn't make a payment until November 1. The day of the month makes a difference sometimes. If you close on the first, you may have a payment the next first, but if you close on the tenth, you may skip the next month. The lender should have made this clear at closing.

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  • 1 decade ago

    Usually the 1st day of the next month. The date that the first payment is due is normally listed in the mortgage contract.

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  • 1 decade ago

    We closed on October 8th and our first payment was due December 1st. So I would say once you close, you skip the next month and pay the 2nd month.

    Source(s): home buyer
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  • 1 decade ago

    Rent is paid in advance. On the 1st of Dec, you are paying for the month of Dec. With a mortgage you are paying in arrears. On Dec 1, you would be paying for the interest (and principle) for the month of Nov.

    when you settle you will prepay interest to the end of the month. Lets assume you settle on Dec 16. At settlement, you would pay prepaid interest from Dec 16 to Dec 31. Then your first payment wouldnt be due until Feb 1 (for the interest of Jan).

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  • 1 decade ago

    They will tell you at closing. Generally you have a one month reprieve.

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