RE/MAX Associates Plus

Merry Dahms, Judi Chapnick, and Mary Walls

want to assist you with all of your home buying or selling needs!

Please call our office at (314) 727-8008

When do I start making mortgage payments??

This remains an area where many homeowners are confused.  When paying RENT, the tenant pays in advance of actually renting the property.  When you close on the home you are buying, the first full payment does not become payable until some 30 to 45 days later.  However, at closing you will pay interest from the date of closing until the end of the month in which the property is closed.  You then “miss a month” and your first full payment becomes due on the first of the subsequent month.  The confusion exists primarily when the property is sold.  Simply remember that your payment is an after-the-fact, rather than a before-the-fact.  For example, a mortgage payment, which is due on the first of August, pays the interest for July.