I had closing on April 11th and 1st payment not due to June 1st

[Ralph Ace]

I had closing on April 11th and 1st payment not due to June 1st.

Is there a reason I need to wait over 1 month and 2 weeks to make my first mortgage payment.

Thank you

[Wayne Brooks]

@Ralph Ace This normal. Payments are made at the first of the month for the Previous month interest/princ. Your June 1st payment is for May. You prepaid April’s partial month interest at closing. 

[Sloane Kraftsow]

Quote from @Ralph Ace:

I had closing on April 11th and 1st payment not due to June 1st.

Is there a reason I need to wait over 1 month and 2 weeks to make my first mortgage payment.

Thank you

 Hi Ralph! The reason you have to wait over 1 month and two weeks to make your first mortgage payment is because the payments for mortgages are accrued and the first fixed payment can only be made when a full prior month has accrued.  I.e. June 1st will cover the period between May 1 and May 31, and first full payment can't be May 1st because you didn't accrue any interest owed for the first 10 days of April. Due to the fact that you closed on April 11th and not the 1st of the month, the daily portion of rent for each day after the 11th is added up with interest and you probably paid this during closing. I would check your settlement statement, usually it would be called "stub interest" or "prepaid interest."

[Patricia Steiner]

You've paid the interest up until the payment date already (at closing). If you want to pay something in the interim, don't make a payment - make a principal reduction.  If you were to make a payment, the amount would be applied as principal and interest versus having the whole amount applied directly to reducing what you owe which is done with a principal reduction.  Your lender will have instructions online how to make a that principal payment.

Hope this helps...

[Bill B.]

Print out an amortization table. You are more than free to make a payment early. You could cut a few months off your loan. (Your early payment divided by The number of principle portion(s) of first payments.)

[David Taylor]

Mortgage payments are paid in the arrears. You most likely paid per diem interest from April 12-April 30, leaving interest for May, your first full month due on June1. Hope that helped.