Skip to main content

About us

We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.

Learn how the CFPB can help you

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

Answer:

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. Your payoff amount also includes the payment of any interest you owe through the day you intend to pay off your loan. The payoff amount may also include other fees you have incurred and have not yet paid.

If you are paying off your loan early, you may have to pay a pre-payment penalty. If you are considering paying off your mortgage, you can request a payoff amount from your lender or servicer. If your loan is a “closed-end” loan secured by your “principal dwelling,” once you request a payoff amount, servicers must provide you with an accurate statement of the total amount that would be required to satisfy your obligation in full as of a specified date. You can have only one principal dwelling at a time, so this does not include a vacation or other second home.

Was this page helpful to you?

Note: Do not include sensitive information like your name, contact information, account number, or social security number in this field.

The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically. This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.