You just closed on your home, congrats! But wait, when is your first mortgage payment due?

Many new homeowners are caught off guard by this exact question. Don’t worry, we’ve got your back. In this guide, you’ll get a crystal-clear timeline, insider tips, and a heads-up on what to expect, so you never miss a payment or a beat.

Key Takeaways:

• You typically skip a mortgage payment the month after closing, giving you a short breather.
• Your first mortgage payment is usually due on the 1st of the second month after closing.
• Interest starts accruing from your closing date, even if your first bill isn’t due yet.
• The timing depends on your exact closing date, so every borrower’s schedule may vary.
• Expect one month without a payment, but budget for accrued interest at closing.

Why Doesn’t Your First Payment Come Right Away?

Here’s a pro tip: mortgage payments are paid in arrears. That means you’re paying for the previous month, not the current one.

So, if you close on June 10, you won’t owe anything on July 1. Your first payment will be due August 1, covering interest for July.

This brief payment-free window can be a relief, but it’s not interest-free. At closing, you paid prepaid interest for the remainder of June (from the 10th to the 30th).

Example:

• Closing Date: June 10
• Interest Paid at Closing: June 10–30
• First Payment Due: August 1 (covers July interest and principal)

Should You Time Your Closing Around This?

If you close early in the month, you’ll pay more prepaid interest but have a longer gap before your first payment.

If you close at the end of the month, you pay less upfront, but your first payment comes sooner.

Pros of Early-Month Closing:

• Extra time before the first mortgage bill
• More time to financially settle post-closing

Pros of End-of-Month Closing:

• Less prepaid interest at closing
• Sooner start paying down your principal

Your choice depends on your financial goals. Need a longer buffer? Aim to close mid-month. Want lower upfront costs? Go near the end.

What Happens If You Miss Your First Payment?

Missing your first mortgage payment can damage your credit and incur late fees. Always:

• Confirm your payment due date at closing
• Set up autopay or reminders
• Call your servicer ASAP if there's an issue

Late payments are typically reported to credit bureaus after 30 days past due, but fees and penalties kick in sooner.

Mortgage Payment Breakdown

Your monthly mortgage payment will likely include:

• Principal – Your loan balance
• Interest – Lender’s charge for borrowing
• Escrow – Taxes & insurance (if escrowed)
• Mortgage Insurance – If applicable

Always review your Loan Estimate and Closing Disclosure documents. They spell out all your costs and when payments are due.

Plan Smart: Budgeting for the First Payment

Don’t fall into the trap of thinking your housing costs are on pause. Use the first few weeks to:

• Build an emergency fund
• Budget for property taxes & insurance
• Understand your escrow cushion
• Prepare for ongoing homeownership expenses

Many borrowers also use this window to explore refinancing, make extra payments, or even shop for better services like Be My Neighbor or commission-free platforms like reAlpha. 

Conclusion: Timing Is Everything, So Are Your Partners

Your first mortgage payment might feel like a mystery, but now you know exactly what to expect. Use this knowledge to budget better, plan smarter, and avoid late fees.

Want a better mortgage experience altogether? We recommend:

• realpha – A commission-free home buying platform that simplifies ownership without extra costs.
• Be My Neighbor – A modern lending partner offering clear guidance and smart loan options. (NMLS #1743790)

Heads up: realpha and Be My Neighbor have a strategic partnership. That means you can enjoy both platforms together for a seamless, transparent home financing journey.

FAQs

If I close on the last day of the month, when is my first payment due?

Your first payment is due the first of the second month following your closing. Close on July 31? Pay on September 1.

Do I skip a mortgage payment after closing?

Technically, no. You pay interest upfront at closing. But yes, you’ll go one month without a regular bill.

Can I make my first payment early?

Yes! Some servicers allow early payments. Just check for proper routing and account number.

Does the first payment amount include everything?

Usually yes. It covers principal, interest, taxes, insurance, and any escrowed items. Confirm with your lender.

What if I don’t receive a bill before my payment is due?

Call your loan servicer immediately. Payment is still due, even if no statement arrives.

Disclosures:

This content is for informational purposes only and does not constitute legal or financial advice. Always consult a licensed mortgage professional before making financial decisions. Loan terms and payment schedules vary by lender and loan type. Rates and terms are subject to change. NMLS #1743790. SAFE Act compliant. This article contains affiliate links and strategic partner mentions between Be My Neighbor and realpha. For full terms and conditions, visit the respective partner websites.