Naturally, homebuyers often have questions regarding their new mortgage — namely, when do mortgage payments start? And when is the first mortgage payment actually due — when the loan’s approved, when I close on the home, or some other time?

Let’s take a look.

When is the first mortgage payment due?

The due date for your initial mortgage payment depends on the closing date, and it’s usually more than 30 days away. Typically, you can estimate it by adding a month to the closing date and then figuring your payment will be due on the first day of the following month.

You can find the due date for your initial payment in the documents you receive at closing. Look for a document titled “First Payment Letter” that contains the details you’ll need to make the payment.

How much is your first mortgage payment?

Your projected first mortgage payment amount will be listed in the closing disclosure you’ll receive at least three days before closing. The first and all following mortgage payments include the loan principal and interest, along with other items that the mortgage lender or servicer deposits into an escrow account, like taxes and homeowners insurance. The acronym PITI stands for these main components of your mortgage payment: principal, interest, taxes and insurance.

Your first mortgage payment will largely go toward interest, based on your loan’s amortization schedule. While your first year of homeowner’s insurance premiums are often included with closing costs, you can expect to pay a monthly amount toward your escrow account for annual taxes and insurance costs. These expenses will be wrapped into your monthly mortgage payment.

If you have to pay mortgage insurance, that premium will also be included in your mortgage payment.

How to prepare for your first mortgage payment

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