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

[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."