diff --git a/sqlmesh/core/snapshot/definition.py b/sqlmesh/core/snapshot/definition.py
index 0c9635a7c2..5ea1b79b64 100644
--- a/sqlmesh/core/snapshot/definition.py
+++ b/sqlmesh/core/snapshot/definition.py
@@ -1280,10 +1280,11 @@ def get_next_auto_restatement_interval(self, execution_time: TimeLike) -> t.Opti
         auto_restatement_end_ts = to_timestamp(
             self.node.interval_unit.cron_floor(execution_time_ts)
         )
-        auto_restatement_start_ts = (
-            auto_restatement_end_ts
-            - num_intervals_to_restate * self.node.interval_unit.milliseconds
-        )
+        # Step back one interval at a time, since intervals like months don't have a fixed length
+        croniter = self.node.interval_unit.croniter(auto_restatement_end_ts)
+        auto_restatement_start_ts = auto_restatement_end_ts
+        for _ in range(num_intervals_to_restate):
+            auto_restatement_start_ts = to_timestamp(croniter.get_prev(estimate=True))
         return (auto_restatement_start_ts, auto_restatement_end_ts)
 
     def update_next_auto_restatement_ts(self, execution_time: TimeLike) -> t.Optional[int]:
diff --git a/tests/core/test_snapshot.py b/tests/core/test_snapshot.py
index 64bee7f472..346c987aea 100644
--- a/tests/core/test_snapshot.py
+++ b/tests/core/test_snapshot.py
@@ -3371,6 +3371,50 @@ def test_get_next_auto_restatement_interval(
     )
 
 
+@pytest.mark.parametrize(
+    "auto_restatement_intervals,expected_auto_restatement_start",
+    [
+        (1, "2024-06-01"),
+        (12, "2023-07-01"),
+        (13, "2023-06-01"),
+        (24, "2022-07-01"),
+    ],
+)
+def test_apply_auto_restatements_monthly(
+    make_snapshot,
+    auto_restatement_intervals: int,
+    expected_auto_restatement_start: str,
+):
+    snapshot = make_snapshot(
+        SqlModel(
+            name="test_model",
+            kind=IncrementalByTimeRangeKind(
+                time_column=TimeColumn(column="ds"),
+                auto_restatement_cron="0 10 * * *",
+                auto_restatement_intervals=auto_restatement_intervals,
+            ),
+            cron="@monthly",
+            start="2020-01-01",
+            query=parse_one("SELECT 1, ds FROM name"),
+        )
+    )
+    snapshot.categorize_as(SnapshotChangeCategory.BREAKING)
+    snapshot.add_interval("2020-01-01", "2024-06-30")
+    snapshot.next_auto_restatement_ts = to_timestamp("2024-07-02 10:00:00")
+
+    restated_intervals, _ = apply_auto_restatements(
+        {snapshot.snapshot_id: snapshot}, to_timestamp("2024-07-02 10:01:00")
+    )
+
+    # Months have different lengths, so the last N monthly intervals must be restated exactly
+    expected_interval = (
+        to_timestamp(expected_auto_restatement_start),
+        to_timestamp("2024-07-01"),
+    )
+    assert restated_intervals[0].pending_restatement_intervals == [expected_interval]
+    assert snapshot.intervals == [(to_timestamp("2020-01-01"), expected_interval[0])]
+
+
 def test_apply_auto_restatements(make_snapshot):
     # Hourly upstream model with auto restatement intervals set to 24
     model_a = SqlModel(