What is the due date for the buyer's first mortgage payment if the closing takes place on January 20?

The buyer's first mortgage payment is typically due on the first day of the month following the closing date. When a closing occurs on January 20, the buyer does not make a payment in January; instead, they will make their first payment in February. Mortgage payments are generally structured so that the first payment covers the interest accrued from the date of closing until the end of January, meaning the actual due date for the first full mortgage payment will be on February 1.

Therefore, while the concept of making the first payment might lead one to mistakenly consider payments associated with closing dates differently, it is crucial to understand the standard mortgage payment schedule aligns with the standard practice of monthly payments commencing after a full month post-closing. Thus, the first mortgage payment for a home closing on January 20 is due on February 1, as it reflects this standard mortgage practice.