Q&A: Question about paying off my mortgage early. Can you help?
Question by pete6356: Question about paying off my mortgage early. Can you help?
There are many mortgage calculators available on-line. I need one that tells me the payoff amount of my mortgage in (lets say) 90-days from now. The mortgage payoff calculators on line only tell you how much one can save if you make extra payments to your mortgage. I need a calculator to tell me the entire amount of the check I will write if I pay it off in 90-days. My bank can only give me a figure that is good for the next 2-weeks.
Best answer:
Answer by SoccerRefToo
Pete
Contact the lender, They can provide you with a beneficiaries statement that states ALL the terms of the payoff. If you want a pretty good figure, just for a very close number, call the customer service unit.
In general, you pay the current balance PLUS daily interest from the date of the last payment to the date the payment is received by the lender. There is often a payoff statement fee, AND a required reconveyance fee. If you have impounds for taxes and insurance they will instruct you how they are to be handled in the process.
It will also tell you where and how the proceeds are to sent. Want kind of funds are acceptable. And, any other issues that may be relevant to your loan payoff and reconveyance.
You should never payoff a real estate loan without a beneficiaries statement / demand for payoff. It would be like buying a new car without a purchase agreement.
Soccerref
What do you think? Answer below!
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Only 2 weeks?? That is odd, they should be able to give you 30-60-90 day payoff numbers. Call again & speak to someone else, ask if they have a website or 800-number that gives that information. You can take that 2 week number & factor it down by 2 payments & get very close to the 90 day figure. The only difference between them is the monthly payments plus or minus 1 day of interest depending if the month has 30 or 31 days in it.
Every mortgage calculator I have ever seem will show an AMORTIZATION schedule. This shows the principle balance after each payment, as well as the interest/principle portion of each payment. Take the balance listed after the payment due in 90 days, and add back the amount of the payment due on that date. This is the closest ANYONE can come to the payoff in 90 days. NO ONE can give you are TRUE number except for your bank. They CAN, give you a payoff for ANY date assuming payments on the due date between then and now. They WON’T because those assumptions are WRONG beyond the next payment due date is nearly EVERY case.
My guess is your payment is due in two weeks and after that they would have to add on late fees. Your actual payoff will depend upon any payments you make between now and your target payoff date and the timing of when those payments are credited to your account. Assuming you don’t make any payments and are willing to pay the late charges, you can simply take the two week payoff they give you and add in the per diem interest for the numbers of days until your target payoff which they should also be able to provide to you.