When you check your grade, you'll see something like this ...
The info being displayed in this picture is that you currently have a B+ average in the class based on a "88.21" numerical average, and that this average is based on two past-due homework assignments. By clicking on any of the "blue" info in the picture you can get to a more detailed breakdown of the calculation.
Throughout the semester your grade that WebAssign displays will always be calculated based on the grading method described under the Grades tab at the class website. As soon as the first test has been completed, that test grade will factor into the calculated average that WebAssign displays. But up until the first test, the average that is displayed is based entirely on past-due homework.