Sorry for the novice question, but my bank is incredibly unresponsive and not helpful at all.

I closed on 6/20. The loan agreement says my first payment is due on the 10th of the 2nd month after closing - 8/10.

After my first payment went through, I notice my principal balance didn’t change. I contacted my bank and they told me the first payment is only for interest.

I asked for an amortization schedule but they haven’t provided one yet.

I guess I just wanted to make sure this was standard practice? My only experience is with home loans where you start making p&i payments - not interest only. But I think in those situations you are also prepaying for the interest at closing before the first payment.