When is the first mortgage payment due?Answer:
It is helpful to know when the first mortgage payment is due. Usually, the first mortgage payment is not due in one month after signing the loan papers, but a little later.
For example, if you closed a mortgage loan of $200,000 at 5.50% on June 20th 2008, you owe interest for the days from June 20 to July 1 and then your first mortgage payment of $1,135.58 (principal and interest) will be due on August 1.
In the beginning, the monthly mortgage payment consists of mainly interest and very little amount going to the principal. The principal portion of the monthly mortgage payment gradually increases over time.
Your starting mortgage payment of $1,135.58 applies $916.67 towards interest and $218.91 towards principal. In comparison, in year 2022 your payment 171 will consist of $659.28 interest and $476.30 principal.
|Not at all||Definitely|
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers