As mentioned below,the only difference would be called your interest per diem. Example.. if you have a $200,000 mortgage and your rate is 5.0% and your daily interest paid on that loan is $27.40 a day.... if you closed at the middle of the month, you would need about $411. If you closed at the end of the month, with 5 days left, it would be $137. Now, many will say that if you closed on the 1st or 5th or so, that you would have to pay all of that interest. That is not always true, depending on what lender that you are using. At my company, we can do what is called an interest credit up until 5 business days of the new month. So if you closed on March 4th, you would pay no interest. The one thing to keep in mind though is that your mortgage payment would be due on April 1st. If you closed at the end of February and paid 5 days of interest, your payment would still be due April 1st. If you weren't allowed this interest credit and closed March 5th, then you would pay an additional $685, but your mortgage payment wouldn't be due until May 1st.
I hope this helps some and doesn't confuse you. If you are dealing with a loan officer now and they couldn't explain this properly, I would seek another loan officer. But in reality, this is the only true charge that would change. The only other one could be the property taxes, depending on how your escrow account is set up and what you will be reimbursing the seller, depending on the closing date.
Please don't hesitate to call me or e-mail me if you have any further questions.
Jeffrey J. Belonger
Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619
e-mail : firstname.lastname@example.org