Mortgage payments...How long after you closed on a new house is the first month's mortgage due?

all the other posters are WRONG (surprise???)





Your first payment is due the month after your settle. If you settle on Nov 13, you would prepay interest until the end of the month (Nov 30). Your first payment would be due on Jan 1.





Unlike rent, which is paid in advance, your mortgage payment is paid in arrears or for the past month.





Mortgage payments...How long after you closed on a new house is the first month's mortgage due?
This varies by lender.





Normally, the first payment is due a month after your mortgage is advanced i.e. if your mortgage was advanced on 15th October then your first payment would normally be on 15th November. Some lenders, however, have the same repayment date for all their customers e.g. 1st of the month.





What does vary is how the interest is charged. Some lenders charge interest in arrears (i.e. for the previous month) and others charge in advance (i.e. your mortgage payment covers the next months interest). If your lender is the latter, then your first mortgage repayment will be quite large - as they will charge the interest between the date of advance and the date of the first payment, as well as next months interest. Alternatively, they may send you a letter asking for you to make a separate interest payment (sending a cheque) to cover the period of time until your first repayment.Mortgage payments...How long after you closed on a new house is the first month's mortgage due?
They normally collect it at the closing, or at least they have whenever I have witnessed one.
usually within 30 days
They told you at closing.