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A mortgage statement is a monthly bill provided to you by your lender each month. It details your loan balance and information about your mortgage.
A mortgage statement is a document that’s prepared by your lender and provided to you on a monthly basis — it shows your balance, payment history, and the different parts that make up a mortgage payment.
Reading your monthly mortgage statement after you’ve bought your first home can seem a little bit like trying to transcribe ancient Greek. There’s a lot of terms and numbers to digest, and attempting to decipher it all can be a tad overwhelming to say the least.
In this guide, we’ll walk you through the different sections of your mortgage statement so you won’t be caught off guard when it comes time to make your first payment.
In this guide:
When you open your mortgage statement, your account information will typically be listed at the top and is the first section you’ll see. Here’s what you’ll see in the account information section of your bill.
This section of your bill gives you somewhat of a snapshot of your total mortgage payments for the current year, and will specifically detail how much has gone to principal, how much has gone to interest, and how much has gone into your escrow account.
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The explanation of amount due is a further breakdown of the amount you owe for the current month. It will detail the following:
This section details the date, description, and amount of all recent charges or credits to the account as of the borrower’s last mortgage statement.
For example, your transaction activity could detail an escrow reimbursement or credit if, at the end of the year, your mortgage company determines you paid too much for property taxes or homeowners insurance premiums and have a surplus in your account.
This section will detail any important information regarding your account.
It may also include useful information, like what to do if you can no longer afford your mortgage payment. Some lenders will provide U.S. Department of Housing and Urban Development (HUD) resources or counselors if that’s the case.
If your bill is 30 to 45 days late, your lender will include a delinquency notice at the bottom of your mortgage statement. They’ll give you a date that you must pay the bill by to avoid further account action.
Failure to pay by the end of that time frame could result in your loan being reported to a credit bureau and may ultimately end up with you losing your home in a foreclosure.
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