Once I close Escrow on my new house, how soon will the first mortgage payment be due?
Written By: aaren on September 25, 2009
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Will my first mortgage payment be included in my closing costs ?
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Tags: closing costs, first mortgage, fixed rate private student loan consolidation, home equity loan lowest rate, mortgage payment
If you close tomorrow (say, October 3), your first payment will be due on December 1st. That is because interest from the closing date until the end of that month is paid at closing and is part of your closing costs (so, at closing, you pay from October 3 through October 31). And, since mortgage interest is always paid in arrears, your first monthly payment would be due on the first of the second month after closing (i.e. your payment that’s due on December 1 will pay the interest from November 1 through November 30).
It will probably be due the next first of the month that is at least a month away. So if you close anytime in October, the first payment would most likely be due December 1.