If I take a mortgage loan starting 05/01, when am i required to make my first mortgage payment?

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If my mortgage loan starts at 05/01 do i have to pay the first month mortgage on 05/01 or at 06/01?

  1. Reply
    April 29, 2011 at 10:57 pm


  2. Reply
    April 29, 2011 at 11:32 pm

    Usually it will be 30 days after your mortgage begins….so 6-1.

  3. Reply
    CJ E
    April 29, 2011 at 11:59 pm


  4. Reply
    April 30, 2011 at 12:50 am


  5. Reply
    April 30, 2011 at 1:33 am

    when you close on your loan they will give you the exact date your first payment is due on.

  6. Reply
    April 30, 2011 at 1:57 am

    06/01, but if you wanted to you could make it at any time before that. Most mortgages allow you a grace period of 15 days, so techincally speaking if you wanted to be difficult, you could make the payment anywhere from 05/02 to 06/15 and suffer no ill effects. If they received it by 06/15 you are good to go, but after that you would be charged a late fee.

    If you closed on your loan anywhere on or after 04/02, your first required payment date might still be 06/01. You would receive a payment coupon book well before the due date with the exact date the first payment is due.

    Some mortgages do NOT use a payment cycle based on the first day of the month; Fannie Mae and Freddie Mac do, but many HELOCs (Home Equity Line of Credit) could use any day as the due date. It all depends on how the interest is calculated.

  7. Reply
    Cynthia L
    April 30, 2011 at 2:27 am

    Look on your good faith estimate it will specify the actual due date of your payment.

  8. Reply
    April 30, 2011 at 2:48 am

    This depends upon the type of mortgage, when you closed and how your pre-paid interest was calculated. If this is a home equity loan or line of credit, your first payment is typically 45 days after closing.

    On a first mortgage, if you closed on May 1st, your first payment will due July 1st if your HUD shows pre-paid interest covering until the end of May. The pre-paid interest would cover the month of May and the payment for June is due July 1st.

    If you closed on May 1st and the HUD shows pre-paid interest covering only until the day you closed, your payment will be due June 1st.

  9. Reply
    April 30, 2011 at 3:26 am

    When you make a mortgage payment, you are paying interest from the previous month. Therefore, if you close in May 2007, your first payment would be most likely due on June 1, 2007. You would be credited at your closing for any interest not paid. For example, if you closed on May 3, 2007, they would credit you 3 days worth of interest and collect the full months of interest with your first payment. If you close in May, a May 1 payment would not be due, as no interest would have been earned, as you did not have the loan in april.

  10. Reply
    Mortgage Dog
    April 30, 2011 at 4:16 am

    It depends how much interest they take on the HUD at closing. If they took 1 months worth of Interest you next payment would most likely be 6/1 but if they took 2 months they your next payment could be 7/1. That would be nice huh??? Check with the bank you did the loan with or look at the hud and look at the PRE-PAID INTEREST line and try to figure it out, if you need assistance shoot me an email.

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