Closing date affects the funds you either bring to or receive at your closiing

North Texas e-News: "When you're negotiating the purchase or sale of a home, you'll want to give some thought to the closing date you select. Your closing date will affect the amount of funds you either bring to or receive at your closing. Remember these basic rules:
Although rent is paid in advance, mortgage interest is paid in arrears. For example, a May 1st payment pays April interest.

With one exception, interest is prorated to the day of closing. A buyer and seller pay interest on their respective loans for each day of their ownership during the month of the sale. A buyer who closes at the end of the month needs to bring less cash to a closing than a buyer who closes earlier in the month"
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