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When is my first mortgage payment due?

  //house-home.news-articles.net/content/2025/09/28/when-is-my-first-mortgage-payment-due.html
  Published in House and Home on Sunday, September 28th 2025 at 21:41 GMT by Fox 11 News
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When is Your First Mortgage Payment Due? A Practical Guide to the First Step on Your Home‑Ownership Journey

Buying a home is a life‑changing event that turns a dream into a reality. Yet, even before you can step into your new front door, there’s a crucial detail that can trip up even the most seasoned buyers: the exact date your first mortgage payment is due. The Fox 11 article “When Is My First Mortgage Payment Due?” breaks down the timing, the mechanics, and the tips that will help you avoid late fees, protect your credit, and keep the loan process moving smoothly.

1. The Basics of a Mortgage Closing

A mortgage closing is the legal ceremony where the loan is officially funded and the deed is recorded. The closing date is usually determined by a mix of the lender’s schedule, the buyer’s timeline, and the availability of title and escrow companies. The article emphasizes that the first payment’s due date hinges directly on this closing day.

Key Takeaway:
- Closing Day ≠ First Payment Day. The first payment is almost always due the following month, but the amount can be prorated if you close mid‑month.

2. How the First Payment Date Is Calculated

The most common scenario for a 30‑year fixed‑rate mortgage is:

Why the First Day of the Month?
- Lenders prefer a regular schedule that aligns with payroll cycles. - Escrow accounts for taxes and insurance often run on a monthly cycle. - If you close mid‑month, the loan amount is usually pro‑rated only for the days you own the property. For example, if you close on the 15th, you’ll pay interest for 16 days (the remainder of the month) and then start a full payment the next month.

The article also explains that if you’re refinancing, the first payment may be due earlier, sometimes on the same month as closing, because the new loan takes effect immediately.

3. Escrow Accounts: The Three “E’s”

Even if you’re not required to have an escrow account, most lenders will ask you to set one up for:

1. Property Taxes – Most municipalities require a portion of each monthly payment to be set aside for taxes. If your first payment is late, unpaid taxes can lead to penalties and even a lien on your property.
2. Homeowners Insurance – A yearly policy’s premium is split into monthly installments. Missing a payment could result in loss of coverage and potential foreclosure if the insurance lapses.
3. Mortgage Insurance – For buyers who put less than 20 % down, Private Mortgage Insurance (PMI) or the FHA’s Mortgage Insurance Premium (MIP) is typically included.

The Fox 11 article notes that the escrow portion of your payment will usually be the same every month, but the first month may be a small “first‑month escrow” payment to bring the account up to date.

4. The Timing of Payment Submissions

The article stresses that lenders typically require the first payment to be made before the due date. It can be submitted in a few ways:

• Direct Debit / ACH – The most common, automatically debiting the amount from your checking account on the due date.
• Online Portals – Many servicers provide an online interface where you can upload a check or pay via a credit card (usually with a fee).
• Mail – If you prefer to mail a check, send it early to ensure it arrives on time.

The Fox 11 piece warns that “late” is not the same as “delayed.” The lender usually records a payment as late if it’s not in the system by the end of the due date, even if it physically arrives a day later. Therefore, it’s safest to submit payments at least a few days early.

5. Consequences of Missing the First Payment

While it may seem harmless to miss one payment, the article explains the repercussions:

• Late Fees – Lenders may charge $35–$40 for a missed payment. Some have higher thresholds or a “late” flag that can trigger a 90‑day delinquency status.
• Credit Score Impact – A late payment recorded after 30 days can ding your FICO score by 30–60 points.
• Escrow Shortage – An unpaid portion of taxes or insurance can accumulate, forcing the lender to collect the shortfall via a large “pay‑in‑full” deposit.
• Acceleration Clause – In extreme cases, a lender can accelerate the loan and demand full repayment.

Fox 11 recommends contacting your lender immediately if you anticipate a delay. Most servicers will give a grace period or offer a payment extension to avoid harsher penalties.

6. Practical Tips to Stay On Track

1. Mark Your Calendar – Once you know the exact due date, add a reminder a week before.
2. Set Up Auto‑Pay – Even if it’s a few dollars in additional fees, auto‑pay guarantees you won’t forget.
3. Double‑Check the First Payment Amount – Because the first payment may be smaller, confirm the prorated figure on your settlement statement.
4. Review the Escrow Summary – Lenders provide an annual escrow audit. Use it to confirm that tax and insurance amounts are correct.
5. Contact the Lender Early – If you’re dealing with a different closing date or have a unique loan type (e.g., interest‑only, adjustable‑rate), the first payment timing can differ.

The Fox 11 article urges homeowners to treat the first payment as a “first milestone” in the ongoing relationship with their lender. “Getting this right means no surprises later,” the piece notes.

7. Where to Find More Information

Fox 11’s article provides several resources to deepen your understanding:

• Lender’s Website – Most mortgage servicers have a “My Mortgage” portal with payment histories and escrow statements.
• Consumer Financial Protection Bureau (CFPB) – Offers a primer on mortgage payment schedules and how to interpret your loan documents.
• Local Housing Authority – If you’re on a low‑income assistance program, they can clarify payment deadlines.
• Financial Advisor – A professional can help align your budgeting with the mortgage payment calendar.

The article also links to a mortgage calculator that lets you input your closing date and see the exact due dates and amounts for each month of the first year.

Bottom Line

Your first mortgage payment is more than just a monthly expense—it’s the starting point of your home‑ownership journey. By understanding the timing mechanics, the role of escrow, and the consequences of missing a payment, you can make a smooth transition from buyer to homeowner. As the Fox 11 article concludes, “The first payment sets the tone for the rest of your mortgage. Make it count.”