When Is Your First Mortgage Payment Due?

It might feel like you're getting a month off from mortgage payments, but that's not quite how it works. You typically pay the interest for the rest of your closing month upfront as part of your closing costs, and your first mortgage payment covers the following month. Your promissory note spells out your exact payment due date. That date can vary depending on when you close, when your loan is funded, and whether you're refinancing the home you live in.

Take your closing month, skip the next one, and pay on the 1st of the month after. The table runs a hypothetical $320,000 loan at 6.5%, an illustration rather than a rate quote, through five closing dates. Prepaid interest is counted from closing day through month-end on a 365-day year, with no early-month interest credit.

The closing day changes how much cash you bring to closing. For an October closing, the first payment stays December 1 unless you close in the first few days of the month and take an interest credit.

Why the "add 30 days" shortcut can be wrong

The "add 30 days" rule works in many cases, but it can get confusing when you close near the end of the month. You'll see this shortcut all over the internet: count 30 days from your closing date, then make your first payment on the first of the following month. But here's where it gets tricky. If you close on January 30, 2027, those 30 days take you to March 1st because February only has 28 days. Following the shortcut could make you think your first payment isn't due until April 1st, when it's actually due March 1st.

You might also hear that your first mortgage payment is always due within 60 days, but that's not exactly true. The 60-day guideline is a simplified version of the rules lenders follow, not a strict deadline for borrowers. Fannie Mae generally requires the first payment to be due within two months of the loan funding date. Depending on the calendar, that can work out to 61-62 days, so your lender sets the payment date to stay within that window.

Closing in the first few days of the month

If you close between the 1st and 5th of the month, your first mortgage payment might be due a month earlier than you'd expect. Some lenders offer an interest credit for early-month closings, which can affect your payment schedule. Instead of collecting prepaid interest for the rest of the month, the lender credits you for the days before closing, and your first full month on the loan starts right away. Your first payment is then due on the 1st of the following month. Virginia Housing, a state housing finance agency, explains how this works for closings during the first five days of the month.

Lenders handle early-month closings differently, so ask before you pick the date. An interest credit cuts the cash you need at closing and brings your first payment about a month closer.

A mortgage payment pays for the previous month. Fannie Mae requires fixed-rate loans it buys to have payments due on the 1st with interest paid in arrears, so the payment you make on December 1 covers November's interest plus some principal. Our amortization calculator shows how that split shifts over the life of the loan.

That leaves the days between closing and the end of your closing month. Your lender collects that interest up front as prepaid interest, one of the prepaid costs you pay at closing, and the Closing Disclosure shows it on page 2, Section F, as a per-day amount with a from-date and a to-date.

Your lender calculates daily interest by multiplying your loan amount by your interest rate, then dividing by the number of days in a year. Some lenders use 365 days, while others use 360, as shown in the CFPB's sample forms. That small difference can lead to slightly different numbers, even when two loans have the same interest rate. To get the most accurate figure, check your loan disclosure instead of an online calculator.

Closing at the end of the month vs. the beginning

Closing later in the month usually means less prepaid interest, which can lower your closing costs a bit. You'll also pay slightly less interest upfront because your loan starts closer to the end of the month. The downside? You may still be paying rent or a mortgage on your current place during that time. And as long as you close in the same month, your first mortgage payment's date generally stays the same.

An early-month closing lets you move in sooner, but you prepay those extra days at closing, often while you're still covering rent. A late-month closing keeps more cash in your bank account on closing day.

Your promissory note controls the date. The standard Fannie Mae and Freddie Mac note has a blank for the day of the month your payment is due and the date payments begin, and your lender fills it in at closing. Look in your closing package for these:

• The promissory note, which states the due day and the first payment date.
• A first payment letter, often tucked into the closing documents, with the first due date and amount.
• The Closing Disclosure, Section F. The to-date on the prepaid interest line, usually the 1st of the month after you close, is when your first full month of interest starts, and your first payment is due one month later.
• The initial escrow account statement, if you have an escrow account. It shows your monthly payment, but your servicer can send it up to 45 days after closing, which may be after your first payment is due.

The Closing Disclosure has no box for the first payment date, so don't expect it on page 1. That page does show the Disbursement Date, and if your loan funds after the day you sign, prepaid interest generally runs from that date instead. If none of these documents spells out the date, call your loan officer before the month ends.

For most people, the first mortgage payment is about the same as their regular monthly payment listed in the Closing Disclosure. It covers your loan's principal and interest, plus any money set aside for property taxes and homeowners insurance. If your loan requires mortgage insurance, that gets added too.

For example: the principal and interest on a hypothetical 30-year loan come to about $2,023 a month. Property taxes, homeowners insurance, and any mortgage insurance are added on top of that, so your total monthly payment will be higher.

Your first payment runs higher than later ones mainly when your lender rolls the prepaid interest into it instead of collecting it at closing. Escrow can raise your payment later, after the servicer's first annual review, if taxes or insurance come in higher than estimated. Pay the full amount, escrow included. A short payment can sit in a suspense account instead of being credited to your loan.

The initial escrow deposit you paid at closing (Section G) is separate. It covers the tax and insurance costs that build up before your first payment, plus a cushion that federal rules cap at one-sixth of a year's escrow bills. To check the full payment before your first statement arrives, run it through our mortgage calculator with taxes and insurance included.

You'll make your mortgage payments to your loan servicer, which isn't always the same company that gave you the loan. According to the Urban Institute, about 70% of new first mortgages in the second quarter of 2026 were bundled into mortgage-backed securities. Some lenders continue handling payments after selling the loans, while others transfer the servicing to another company. That means the company you send your payments to could change over time.

When servicing moves, the old servicer has to tell you at least 15 days before the transfer and the new one within 15 days after, or both can hand you notices at closing. For 60 days after the transfer takes effect, an on-time payment sent to the old servicer can't be treated as late or charged a late fee, under Regulation X.

Your automatic payments and bank bill pay won't switch over to the new servicer on their own. If your mortgage gets transferred, update your bank with the new payment details and check when the new servicer's autopay will kick in.

Be careful of scam letters pretending to be from your new servicer, too. Before sending any money, verify the transfer directly from your current servicer using the phone number on your closing paperwork or its official website. Don't rely on the phone number listed in the transfer letter until you've confirmed it's legitimate.

Don't wait for a statement

Your first mortgage payment is due even if you haven't received a bill yet. Most servicers send a statement each month, but some fixed-rate loans use a coupon book, and smaller servicers may not be required to send monthly statements.

If the 1st is getting close and you haven't heard from your servicer, check your first payment letter for the amount due and contact the servicer listed on your closing documents.

Not sure who services your loan? You can look it up through the MERS Servicer Identification System.

If you're signing up for autopay, double-check the date of your first automatic payment. When it's scheduled for after your mortgage payment is due, make the first mortgage payment manually to avoid a late payment.

Your payment is due on the 1st, but most mortgages give you a grace period before a late fee. Fannie Mae's note allows a late fee once a payment is more than 15 days late, at up to 5% of principal and interest. FHA and VA loans use the same window and cap the fee at 4%.

Some states set lower limits. New York, for example, caps late charges at 2% on most owner-occupied home loans, though not FHA or VA loans.

A payment 30 days past due does more damage than the fee: it can be reported to the credit bureaus, and a late mortgage payment can stay on your credit report for seven years. Servicers credit a payment the day they receive it, not the day you mail it, so build in a few days if you pay by check. Your exact grace period and fee are on page 4 of your Closing Disclosure.

A refinance follows the same arrears schedule, with one difference at the start. On a refinance of the home you live in, you usually get three business days to cancel after signing, and the lender can't fund the loan until that window closes. The new loan's prepaid interest and first payment date run from the funding date, not the signing date.

Refinancing doesn't mean you get to skip a mortgage payment. Your old loan's payoff amount includes the interest you owe through the payoff date, so keep making your regular payments until your old servicer confirms the loan is paid off.

If you had an escrow account on your old loan, your servicer generally has to refund any remaining balance within 20 business days of the payoff. Meanwhile, your new lender will collect money for a new escrow account at closing. That means you may have money tied up in both accounts for a few weeks until your old escrow refund arrives.