Per diem interest explainer
Interest for the rest of the closing month is paid at closing. Move the closing day and see what changes.
How this tool works
Mortgage interest is paid after the month it covers. At closing you prepay interest from the closing day through the end of that month; your first full payment is usually due on the first day of the second month after closing. The daily interest is the loan amount times the rate, divided by 365.
Closing later in the month lowers the cash due at closing. It does not lower the rest of your closing costs.
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