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Our first mortgage payment...

November 13th, 2006 at 06:11 pm

... will be paid on 11/17, (due 12/01). Strangely, it feels good. It also made me realize we'll be overbudget this month. I've known that payment was due on 12/01, but for some reason, didn't bother to include it in the monthly budget. I though "Oh great, we don't have mortgage payment due until Dec. 1st, let's send super duper mega payments to all the credit cards, and car loan this month". Tonight I'm thinking that wasn't such a great idea. We'll get over it, we have little (tiny) cushion, but we'll have to be careful from now on.

Posted in Homeownership | 5 Comments »

5 Responses to “Our first mortgage payment...”

  1. janH Says:
    November 13th, 2006 at 06:37 pm

    Is your mortgage with a local bank? You could pay it at the bank on the morning of the first with this first payment, then set up your budget for the next time. Just be sure you get it in before the whatever deadline for that day is--sometimes 2pm. I think that will work for you. Ours is due on the first. I've had occasion to pay it on that morning. I know you will save interest if you pay it early. I probably could pay it online since I bank there. But I really don't know how long it would take to post and I don't usually do this with the mortgage. Others might know.
    P.S. Congrats on your first mortgage payment!

  2. rduell Says:
    November 14th, 2006 at 03:20 am

    Those bills that are due on the first of the month are tricky!

  3. tinapbeana Says:
    November 14th, 2006 at 04:47 am

    wooohooo!!! my 1st mortgage payment felt great too, lau. DH didn't 'get it': he'd already owned a house in a previous marriage. no problems, i did my own little internal happy dance! don't know how it worked out this way, but we put our 1st month's payment in with closing costs and our company bills 'in arrears', so we actually closed on our house on 7/7 and didn't have a mortgage payment due until 10/1.

    probably a good 1/3 to half my bills are due from the 27th - 5th: cruddy timing! i budget them all to come out of the paycheck i get on the 15th of the month: write and mail the checks as soon as i get paid. then, the paycheck i get on the first covers all the other bills up to the 15th...

  4. HouseHopeful Says:
    November 14th, 2006 at 07:17 am

    I also have my first mortgage payment due 12/1 & it will be paid out of my 11/15 paycheck. I think I'll sign up for auto pays, so it'll be automatically deducted on 12/1. I am very excited about the first payment, I think it'll make homeownership 'real'. Congrats on the new home!

  5. Lau Says:
    November 14th, 2006 at 07:55 am

    lol House... nice coincidence! They asked me if I wanted to sign up for automated debit... No way! I want to be in charge of that. And that's the kind of thing that comes out of our account the ONE day you don't have the money. Anyway.. Congrats to you too Smile
    Tina - Happy dance all over the place... Big Grin We were never offered to include the 1st mortgage payment as part of the closing. We just paid the few days of interest. I don't know it would have made a huge difference though. The one thing I use and love: BillPay! I think I might write about 3 checks a year since I use it. I schedule excately when I want a bill to be paid. No more checks, envelops, stamps... You should try it if you can.

    Jan - no, my mortgage company isn't a local bank. I think it will take a little bit of time getting used to it, but we'll figure it out.

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