What is a payoff amount and is it the same as my current balance?

Your current balance might not reflect how much you actually owe to completely satisfy the outstanding loan balance. Your payoff amount includes the payment of any interest due through the day you intend to pay off your loan. It may also include other fees you have been charged and have not yet paid. If you are paying off your loan early, you may also have to pay a pre-payment penalty fee.

If you are considering paying off your mortgage, you can request a payoff amount from your lender or servicer. If your loan is secured by a dwelling, once you request a payoff amount, servicers must provide you with an accurate statement of the total amount that would be required to fully pay off your loan as of a specified date.

Where this page came from

This page was imported from Consumer Financial Protection Bureau. Published by the Consumer Financial Protection Bureau and, as a work of the United States government, in the public domain.

Nobody has written it yet — it is the source material at a new address, which is why search engines are asked to skip it and why no one earns from it. It is up for grabs: take it on, and it is yours to rewrite and to earn from.