Your Mortgage Balance Is Not Your Payoff Amount
The balance on your statement and the amount needed to pay off your loan are not always the same number.
Mortgages like to make simple questions unnecessarily complicated. The balance shown on your statement is typically the principal you still owe. Your payoff amount is the total needed to completely satisfy the loan on a specific date. It can include interest that has accumulated since your last payment, along with applicable fees or other outstanding charges.
That is also why your payoff amount can change from one day to the next. If you are selling, refinancing, or paying off your mortgage early, the number in your online account may not be the final number used to close out the loan.
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