You probably would be required to prepay the interest form December 10th through the end of December. If your closing occurs later in the month, you would pay less at the closing than if you had closed the first of the month. The amount of prorated interest you will be required to pay may be something for you to consider when choosing a closing date.
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Related Articles. There’s a bit of strategy involved in getting a mortgage. You might wish to keep your closing costs as low as possible, which usually means closing at the end of the month. But if you close at the beginning of the month, you can postpone mortgage payments longer. Or the best time of the month could depend on whether you’re.
Closing at the end of the month is only a short term benefit. if you close towards the beginning of the month you will have to pay more money up front. If you close at the end of the month, your first mortgage payment will be due sooner than if you had closed toward the beginning of the month
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You can avoid paying all that prorated interest out of pocket at closing if you close as near to the end of the month as possible. You’ll have a long hiatus before that payment comes due if you close at the beginning of the month, but you’d have to make a fairly substantial interest payment for that month’s interest at closing.
The later on in the month you close, the less pro-rated interest you will pay. Because of this, closing at the end of the month means you will pay less at closing. If you close earlier in the month-for example, on the 15th of August-you’ll owe interest from the 15th through the end of the month.
We are selling our house and closing is scheduled for the 10th of May. My payment is "due" on the first of each month, but late fees aren’t assessed until 15 days late- i.e. the 16th. Is it common/OK to not make that last month’s payment in a scenario like this?