If i close june 1st when is my first mortgage payment due reddit

Your mortgage payment is typically due at the beginning of the month.

When do you start paying mortgage on a new build

Your very first mortgage payment, however, isn't due on the first day of the month after you close. Instead, it's due the first day after the first full month after you close. That means if you close on March 15, your first mortgage payment isn't due April 1—it's due May 1.

If you close at the beginning of the month instead of mid-month, you'll have an even longer hiatus before your first payment is due.

If this seems odd to you, it's important to understand two important factors about mortgages: the interest is paid in arrears, and the principal is paid in advance.

Let's take a closer look at what those things mean.

Mortgage Interest Is Paid in Arrears

Mortgage interest is paid in arrears, which means after it's accrued, not before.

If i close june 1st when is my first mortgage payment due

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When is first mortgage payment due reddit

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When is my first mortgage payment due calculator

Interest on your mortgage begins accruing at closing and doesn't stop until the loan is satisfied in full. You'll prepay interest for the month in which you close at closing.

If you close in March, the interest acc

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