Why your mortgage payoff differs from your statement balance
Your mortgage statement shows your current balance. A payoff quote tells you what is needed to fully pay off the loan as of a specified date.
Two numbers with different jobs
Your mortgage statement shows your current balance. A payoff quote tells you what is needed to fully pay off the loan as of a specified date.
What changes the payoff
The payoff can include interest through that date, unpaid fees and, when the loan terms allow it, a prepayment penalty. The balance shown online may not include everything needed to satisfy the loan.
Use a dated quote
For a refinance review, have the current loan statement available and ask your servicer how to obtain a payoff quote for the planned payoff date. If the date changes, have the closing team confirm whether an updated quote is needed.
Keep the comparison clear
An early estimate based on a statement balance may change when the actual payoff is obtained. Ask which balance was used and whether any costs would be paid in cash or added to the proposed new loan.
Talk it through
Call or text me at (440) 975-6216. I can help explain where the payoff fits into your Ohio refinance review.
Related lessons
How a Cash-Out Refinance Works
How a Closed-End Second Mortgage Works
Related FAQs and articles
FAQ: Does my online mortgage balance show the exact payoff?
Article: When Does It Actually Make Sense to Refinance?