The interest collected at closing will cover the interest due on your mortgage for those last 16 days of March. Then your first mortgage payment will be due on May 1, and that payment will include the interest for April.
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When buying a new built home(i.e. Fulton, Shea) in Chandler/Gilbert, do you pay mortgage on the house while it is still being built? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
Within 7 working days from when you complete on your mortgage, we’ll write to let you know how much your first mortgage payment is, and when we need it by. This will usually be more than your regular monthly payment, as it includes interest for the days between the date you moved in and the end of that month – plus your standard monthly payment for the following month.
Your first mortgage payment can’t come due for at least 30 days after closing and it must be scheduled for the first of the month. If you close on either September 10 or September 20, your first payment would be due November 1 – the next available first day of the month after the 30 days have elapsed.
Your new mortgage payments won’t start until after you’ve accrued a month’s worth of interest Put these two items together, and it can appear as if you’re "skipping" payments when you.
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This tells us that you can have up to $400 per month in non-housing debt payments before they start affecting the potential amount of your mortgage. After the first $400, each additional dollar spent.
Keep in mind that mortgage payments won’t decrease automatically simply by making extra payments. All that will accomplish is a quicker payoff period and interest savings. For example, if you pay an extra $500 per month on a $300,000 mortgage set at 4%, you’ll pay off the loan 11 years and 8 months early.