25 Sep 2025
Why is your first mortgage payment more than expected?
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons:
You will be charged interest the day the mortgage funds are released until the end of that month, plus your normal monthly mortgage payment for the following month.
For example: if you completed on the 10th September, you would pay interest from the 10th September to the 30th September, plus the full payment for October.
Try not to worry, after the first payment, it will settle into your normal monthly payment.
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