When my mortgage payment is due, is it for the month that just passed or for the upcoming month?

I bought my house at the end of December 2006. My first mortgage payment was not drawn until February 1st, 2007. This makes me think that I am not paying in advanced per se but paying for the month that just ended.When my mortgage payment is due, is it for the month that just passed or for the upcoming month?
A mortgage payment isn't like rent. It doesn't represent a period of time that you've lived in the house. It represents a percentage of the total amount of money that you owe the mortgage company. When my mortgage payment is due, is it for the month that just passed or for the upcoming month?
No, you're okay. But you may want to call your mortgage company just to double check.





Usually mortgage payments are ';behind'; which means if you closed in Dec, your first mortgage payment won't be due until Jan. However, there are times when you ';miss” two month's mortgage payments. This is most likely the situation because you closed the during the first week of Feb.





But, I would call your bank just to make sure.





PS. If you think about it, when you refinance you want to try to close during the first of the month since this means you'll have longer until your first new mortgage payment, right?





Good luck!!


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When your escrow closed, if you look on your HUD-1 statement you will find that you paid advance interest to cover a 45 day period or so, thus you are right on schedule with your notes and mortgage payments.





So check that document and see what date in Feb you paid up until.





I hope this has been of some use to you, good luck.





';FIGHT ON';
Mortgage interest and principle is paid in the arrears, so when you make payment on November 1, you are paying Octobers interest.

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