Never, never skip payments, especially at the beginning of a mortgage (or loan) unless absolutely necessary. Below is an example of the extra cost you would pay if you skipped the first three payments of a mortgage. If the first three payments were missed and the interest rate remained the same over the 30 years your balance owing after 30 years would be $35,628.25 instead of zero. Imagine the surprise if you did not have an amortization schedule and blindly paid monthly payments for thirty years. A yearly statement telling you how much principal and how much interest you paid is not very informative.

Bottom line, skipping the first three payments in the example below costs you an extra $35,633.06 over the thirty years!