However in Colorado, the amount of cash you need to bring to closing as a Buyer is typically smaller the closer you are to the end of the month. Why is that? Because the mortgages all work off of calendar months...so if you close on the 28th of a 30 day month, then you bring three days of mortgage interest to the closing table (for the 28th, 29th, & 30th). If you close on the 15th of a 30 day month, then you will need to bring 16 days of mortgage interest to the closing (the 15th through the 30th). Your first payment will become due at the end of the next calendar month.
As others have mentioned, taxes, homeowner assocaitoin dues, water/sewer, etc will all be prorated for the number of days in the month so there may be a difference in the amount but there is no adavantage given to the Seller or the Buyer for these types of expenses.
For a seller with an FHA loan, there are some ramifications for certain kinds of loans - some loans require that if the closing occurs on any day of the month, the loan interst for the entire month still needs to be paid by the Seller - so, for a Seller with an FHA loan they would rather close on the 30th of one month rather than the 2nd of the subsequent month (because they would then have to pay interest for the entire month). Most (maybe all) conventional loans do not have this characteristic.
Finally as others have mentioned, I try to avoid closings on Fridays, the day before a holiday, and the very last day of the month (because there tend to be so many closings on the last day of the month and the closing companies get jammed). I hope that helps.
I spent many years on wall st.. and we preferred to be closed on the 1st or 15th (trades) becasue of tax purposes, it was just easier to pay a client for an item on the "paydates" rahter then the off dates and figure out the intereset accrued to that day... But that is all done for you and there really is no exact day that is better..
The day that is good for you is the best time, usually mortgages companies will put more in escrow for taxes and interest the earlier you close in the month but it is not costing you "extra" because you are moving in earlier.
Last time, I even close at the last day of my contract, so that I will have weeks ahead of me to move, and I move as I need. e.g. I sent my family over to new house first, then I move the kitchen stuff to cook the dinner, and then move some beds and covers, then we can sleep that first night, very great feeling ...
I really did not have much of boxes because everything move over right fit into the room and carbenets ...etc. at the same time, I was showing the condo, and everything seemed to be very natural. Every day, I went to old condo to do some work and move back with more items.
It took me a whole month to move everything, but at the end of the moving, it is complete, no boxes to open ...etc, and many unwanted items was sold or moved to dumpster naturally.
So, this time, when I bought next bigger home, I am probably going to do the same way...