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How to Skip 2 Payments On Your Mortgage?

The Mortgage Brothers Show

How to Skip 2 Mortgage Payments

Did you know it’s possible to skip two mortgage payments? Well, we’re going to dig into just how you can do that.

A few things you should know.

  • Mortgage payments are paid on the first of every month.
  • Mortgage payments are paid in arrears, meaning that when you make a payment on the first of the month you are, in fact, paying for the previous month.

So, what’s this about skipping payments?

In short, there is no payment the month you close and no payment on the final month of a mortgage when refinancing. So, if you close on November 10th, you’re not making the December payment. In this case, you’re basically rolling the interest into a payoff. It’s not free, but rather you’re squishing it into either the new or old loan. See, when you close the loan on November 10th you prepaid that interest in November, and then the December payment would end up being due on January 1st because it is paid in arrears. 

Is this a way to save money?

It’s not, unfortunately. Sometimes people will call us and be like, I heard that it’s never good to close at the beginning of the month, you just spend way too much money doing it that way. Well, s dince that’s not really the case the way we explain it is by saying it’s kind of like a balloon. It stays the same size, but we are either squishing it into the old loan or squishing it into the new loan. It’s a different shape but the volume remains the same. You’re either prepaying it or delaying it, there’s no cheating the system.


Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to or

Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.

Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.


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