New EV fees won't fix highway funding problems — and could ding transit
But there's a catch, experts and lawmakers say. The fees would go only part of the way toward closing the fund's massive spending gap.
And, as currently written, the legislation would direct the money only to highway projects, to the exclusion of transit. Historically, 80 percent of the fund's money has gone to highways and 20 percent to transit.
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Republicans — and the construction industry — are optimistic about securing a long-term solution to pay for the nation's aging roads. But public transportation advocates and some Democrats are worried that buses, rail and ferries will be left at the station.
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When is my first mortgage payment due?
Key takeaways To find the due date of your first mortgage payment, add 30 days to your closing date, then find the first day of the following month. When you make mortgage payments, you're paying for the previous month, not the current month. You have several options for paying your mortgage, such as setting up autopay or paying online through your servicer's portal. When is the first mortgage payment due? The due date for your first mortgage payment is based on your mortgage closing date. You must typically begin making payments one full month (30 days) after your mortgage closing date, on the first day of the month following the end of that 30-day period. Example of when a first mortgage payment is due Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Say you close on your mortgage on March 12. Adding a month brings you to April 12, which would mean your mortgage due date would be on the first day of the following month: May 1. While it may seem like you're skipping a payment, you're not. That's because your mortgage payments are for the previous month, not the current month. The documents you receive at closing specify the due date of your first mortgage payment, typically in something called the 'First Payment Letter.' This also outlines the amount of principal and interest you'll pay each month, along with any tax payments that are part of your monthly mortgage bill. Can you change the due date of your first mortgage payment? In some cases, homebuyers can prepay interest, and even a portion of a mortgage payment, at closing. This can move the first full mortgage payment up to two months — or 60 days — after closing has taken place. Keep in mind that months with 31 days can impact your ability to adjust your first payment. 'This is a closing strategy that many loan officers discuss with their clients,' says Chris Parks, sales manager for Churchill Mortgage. 'An example would be closing in August, skipping the August and September payments and then having your first payment due in October.' If the lender allows, many homebuyers also try to strategically time closing with the end of an apartment lease or the sale of an existing home. This can help avoid juggling rent and a mortgage or multiple mortgage payments. 'Changing the mortgage due date is especially important for cash flow. Moving is expensive. So are closing costs, furnishing a new home and paying for a home warranty. Giving yourself as long as possible to build up your funds or to align with payday is a smart move,' says Jonathan Palley, CEO of Clever Tiny Homes. Can you change the due date of your ongoing mortgage payment? Some lenders let you adjust the due date of your ongoing mortgage payment — for example, from the 1st of the month to the 10th — especially if you request it during closing. Some don't. Ask your lender about its policies. How much is your first mortgage payment? The amount of your first mortgage payment is listed in your closing disclosure, a document you'll receive at least three days before closing. Each of your mortgage payments includes: Loan principal Interest Taxes (if you pay through your mortgage servicer) Homeowners insurance (if you pay through your mortgage servicer) The acronym PITI stands for these main components of your mortgage payment: principal, interest, taxes and insurance. However, your payment may also contain other components, such private mortgage insurance (PMI) or fees charged by your homeowners association, if you have one. For fixed-rate mortgages, the principal and interest payments will remain the same for the life of the loan. However, other costs that make up your monthly payment pay change. For example, your property taxes or homeowners insurance premiums may increase over time. Example of how much a first mortgage payment costs Say you bought a house for $350,000 at a 6.8 percent interest rate and put down 10 percent. Using Bankrate's mortgage payment calculator, your monthly mortgage payment would be about $2,350, with around $2,054 going toward the principal and interest and the rest going toward property taxes and insurance. Your mortgage's first payment will largely go toward interest, based on your loan's amortization schedule. While your first year of homeowner's insurance premiums are often included with closing costs, you can expect to pay each month toward your annual property tax and insurance costs. Learn more: How much house can you afford? How to make your first mortgage payment You can choose one of many methods to pay your mortgage, including: Autopay. Almost all lenders allow you to pay your mortgage via recurring, electronic payments. This way, you'll avoid missed payments and late fees — but you can also schedule larger-than-required payments to pay off your mortgage early and save on mortgage interest. Some lenders offer discounts for autopay. Online. You can also manually make payments through your lender's portal or app. If you plan to pay off your house early, but you can't commit to making extra payments each month, this is an easy way to pay toward your principal when you have space in your budget. By mail. If you prefer, you can send your monthly payment by mail using a personal check, cashier's check or money order. Always include your mortgage account number on your check and allow enough time for delivery to avoid late charges. By phone. Your mortgage statement will also include a number you can call to make a mortgage payment. You'll need your mortgage account number and bank account — or other payment — information. 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According to Parks, some lenders will disqualify you from another mortgage or a refinance if you're more than 30 days late two times during the same 12-month period. If your payments are no longer affordable, contact your lender. You may qualify for a loan modification, repayment plan or a temporary payment reduction. FAQ Why is the first month's mortgage payment more? As soon as you close on your mortgage, interest starts accruing. So if you close in the middle of a month — for example, March 12 — you'll owe interest for each day between the closing and the last day of the month. This is known as per diem interest. Many lenders require you to prepay your per diem interest on closing day. But some will roll it into your first mortgage payment. In the latter case, your first month's mortgage payment is more than your normal payment. Will my lender tell me when my first mortgage payment is due? Your lender should provide your first payment due date in your closing paperwork. 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Jeep Website Spills the Beans on the New 2026 Cherokee Hybrid's Specs Before the Big Reveal
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