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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.
A payoff letter is a document that provides detailed instructions on how to pay off a loan. If you have the funds to pay off an installment loan early, request a payoff letter from your lender. It tells you the amount due, where to send the money, how to pay, and any additional charges due.
A payoff letter specifies how much you will owe on a debt, such as a mortgage or automobile loan, as of a projected payoff date. In some cases, a payoff letter acknowledges the release of a lien on collateral. You can request the letter online, over the phone or through the mail.
Easily generate a loan payoff letter with our free Loan Payoff Letter Template. Download the blank template in PDF or Word format, or fill it out online and save as a ready-to-print PDF.
A payoff statement, sometimes called a payoff letter or payoff quote, is a document that outlines exactly how much you would need to pay to bring your balance to zero. In addition to your remaining loan balance, the payoff amount includes accrued interest and any fees you are expected to pay.
A mortgage payoff letter will tell you that magic number. Unlike your current balance, the payoff amount includes interest owed up to the day you intend to pay off the loan. It may also include fees that you’re on the hook for and haven’t paid yet.
Ready to pay off your personal loan? Use our free, easy-to-follow payoff letter template and get started today.
MOHELA—Call (888) 866-4352 to request your payoff statement. You can find your 10-day payoff amount by logging in to your account, selecting “Payoff Calculator” under “Payment Assistance.” Choose “mail” for your payoff method, and set a payoff date 10 days in the future.
Request your free payoff quote in one of two convenient ways. Sign in to chase.com/payoff and request a quote. Call our 24-hour automated service dedicated to payoff quotes at 1-877-505-2894. You’ll choose your good-through date up to 30 days.
Your lender payoff letter shows your current student loan balance and how long you have to pay it off. However, if you want to save on interest, you can focus on paying off your loans well before the final deadline.