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Homebuyers often have questions about their new mortgage — namely, when do mortgage payments start? Is it when the loan is approved, when the loan closes or some other time? Let’s take a look.
The due date for your first mortgage payment depends on the closing date, and it’s usually more than 30 days away from that date. You can estimate it by adding a month to the closing date and then figuring your payment will be due on the first day of the following month.
Example of when a first mortgage payment is dueSay you close on your mortgage on March 12. Adding a month brings you to April 12, which would mean your mortgage due date would be on the first day of the following month: May 1. While it may seem like you’re skipping a payment, you’re not. That’s because your mortgage payments are for the previous month, not the current month.
You can find your mortgage due date in the documents you receive at closing. Look for a document titled “First Payment Letter” that contains the details you’ll need to make the payment.
Whether you can change your mortgage due date depends on the lender. Some lenders permit changes, especially if they are made during closing. Other lenders do not permit due date changes on home loans at all.
Check with your lender to learn its policy on mortgage due date changes.
Your projected first mortgage payment amount will be listed in the closing disclosure you’ll receive at least three days before closing. The first and all following mortgage payments include the loan principal and interest, along with other items that the mortgage lender or servicer deposits into an escrow account, like taxes and homeowners insurance. The acronym PITI stands for these main components of your mortgage payment: principal, interest, taxes and insurance.
Calculating your PITI payment can help you before you close on a home, too — even while you’re still house- and mortgage-hunting. It can help you estimate how much house you can afford. By adding tax and insurance into your budget, on top of the principal and interest amount, you’ll get a better idea of a loan amount a lender may approve.
For example, say you bought a house for $350,000 at a 6.8 percent interest rate and put down 10 percent. Using Bankrate’s mortgage payment calculator, your monthly mortgage payment would be about $2,350, with around $2,054 going toward the principal and interest and the rest going toward property taxes and insurance.
Your mortgage’s first payment will largely go toward interest, based on your loan’s amortization schedule. While your first year of homeowner’s insurance premiums are often included with closing costs, you can expect to pay a monthly amount for annual property taxes and insurance costs. These expenses will be wrapped into your monthly mortgage payment.
If you have to pay mortgage insurance, that premium will also be included in your mortgage payment.
Amid closing and moving costs, you may find that coming up with your first mortgage payment on a new home within the same pay period will be a financial squeeze. To help there, here are a few tips you can use before your first mortgage due date:
Your mortgage due date will be determined by a few factors:
You can choose one of many methods to pay your mortgage, including:
If you want to split payments or prepay your mortgage, ask your lender if it is permitted and how extra payments are applied. For example, if you want to pay biweekly, ask your lender if it charges a set-up fee, transaction fee or a prepayment penalty. Some lenders only apply your payments once a month, even if you’re submitting two or more payments each month, which could negate any benefits to the strategy.
You will need to specify that you want any extra payments or over-payments to be applied to the principal balance of the loan — the main way you reap the savings benefits. This is not a default for many lenders.
If you miss your mortgage payment, be sure to pay as soon as possible. While one late payment likely won’t result in your eviction, repeated delinquencies could harm your credit. You typically have a grace period of 15 to 30 days to pay — this depends on your lender — and if a payment is made during that time, you are less likely to incur a late fee charge.
If you change banks or bank accounts, let your mortgage lender know your new account information as soon as possible.
If you’re struggling to make your mortgage payments, don’t delay contacting your lender. While nothing is guaranteed, your lender may waive late fees or agree not to notify the credit bureaus of a late payment if you inform it of your situation. You may also qualify for a loan modification, repayment plan or a temporary payment reduction.
