remind me: closing date/1st mortgage paymetn

[LoveTrains]

Remind me how this works, because I know your mortgage payment is paying interest for the month that just happened.

Say you close on August 15th. When is your first payment due? October 1st?

[Roc A Bee]

We closed May 22, and the first payment was due July 1

[hbomdiggity]

You pay after accrued. We are scheduled to close July 10. First mortgage payment is sept 1.

[hbomdiggity]

And our closing costs will include the interest for July. So it's "cheaper" to close at end of month, but then that first payment will still be after the first full month.

[LoveTrains]

Thanks guys! that is what I thought.

[Deleted]

We closed the middle of September and our first payment was due November 1.

[cgpm]

We closed June 6th and our first payment is due August 1st.