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  2. Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt. Your payoff amount is different from your current balance. Your current balance might not reflect how much you actually have to pay to completely satisfy the loan.

    www.consumerfinance.gov/ask-cfpb/what-is-a-pay…
    The payoff amount is generally higher than the current loan balance because it includes interest added to the loan between the statement date and the payoff date, as well as any other fees allowable by the loan documents. You will need to request a written payoff quote from your loan servicer to clarify this payoff amount.
    upsolve.org/learn/payoff-amount-payoff-quote/
    A payoff statement for a mortgage, sometimes referred to as a payoff letter, is a document that details the exact amount of money needed to fully pay off your mortgage loan. The payoff amount isn’t just your outstanding balance; it also encompasses any interest you owe and potential fees your lender might charge.
    www.rocketmortgage.com/learn/mortgage-payoff-st…
    However, there is a standard formula used for calculating the loan payoff amount of a mortgage based on the principal, the interest rate, the number of payments made, and the number of payments remaining. This article provides detailed information that will assist you in calculating your mortgage payoff amount based on the terms of your loan.
    www.wikihow.com/Calculate-Mortgage-Payoff
     
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