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

Your payoff amount is how much you will 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 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.