If I close on 27th May, I will pay interest per diem for the remaining days of May.

But my first payment will not be due until July 1st. Why is that?

With rent, you pay in advance for the month ahead, in the begining of the month. Is it true that with mortgage loans, my payment is applied to the previous month and not the month that is starting? So, my first payment on July 1st would actually be for the month of June?

If this is not true, I must be missing something. Maybe my first payment is somehow factored into the closing costs or down payment.

But my first payment will not be due until July 1st. Why is that?

With rent, you pay in advance for the month ahead, in the begining of the month. Is it true that with mortgage loans, my payment is applied to the previous month and not the month that is starting? So, my first payment on July 1st would actually be for the month of June?

If this is not true, I must be missing something. Maybe my first payment is somehow factored into the closing costs or down payment.

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