That is because mortgage interest is paid for the month that just ended. The interest for the rest of your closing month is paid at closing.
When is my first mortgage payment after closing?
Usually 30 to 60 days after closing. If you close in March, your first payment is usually due on May 1.
More questions
- What is the final walk-through on a new home?It is your last look at the home before closing. You check that everything works and point out anything that needs fixing.Read the answer
- Do I need my own lawyer to close on a house in Georgia?Usually not. In Georgia, a closing attorney runs the closing for the sale. You can hire your own if you want one.Read the answer
- Do I pay the first year of homeowners insurance at closing?Usually, yes. The first year is paid at or before closing, and a little more is set aside so the lender can pay next year's bill for you.Read the answer
- How do I set up power and water in a brand new home?Ask the builder which companies serve the home. Then set up power, water and internet to start on your closing day.Read the answer