Payoff Quote for Mortgage

[fredfarmer]

I owe just over $50k on my house and have been saving my pennies for a long time now. I would like to get some info on the payoff quote if anyone here knows anything about it. I will contact my mortgage co when I get the time.

Some folks are telling me that the payoff quote will be lower than what I owe. If this is the case, what are the factors that lower it? Is it all on a case by case basis?

TYIA!

[2011GT]

Nobody on DFWmustangs has a mortgage. We all paid cash for our homes! Loser...

[AdamLX]

I owe just over $50k on my house and have been saving my pennies for a long time now. I would like to get some info on the payoff quote if anyone here knows anything about it. I will contact my mortgage co when I get the time.

Some folks are telling me that the payoff quote will be lower than what I owe. If this is the case, what are the factors that lower it? Is it all on a case by case basis?

TYIA!

Your payoff will be your unpaid principle balance plus the daily interest for however many days since you made your last payment.

It won't be less.

[sosoe]

Your payoff will be your unpaid principle balance plus the daily interest for however many days since you made your last payment.

It won't be less.

Correct. .
Im assuming its because of the per diem interest. But Im guessing paying if off will be cheaper then paying monthly and having interest applied.

[Doug Hatton]

Your payoff will be just over $50k.

[mustangguy289]

Correct. .
Im assuming its because of the per diem interest. But Im guessing paying if off will be cheaper then paying monthly and having interest applied.

Yes, paying it off early will save you in the long run due to the interest that is applied to the principle.

[STANGGT40]

Correct. .
Im assuming its because of the per diem interest. But Im guessing paying if off will be cheaper then paying monthly and having interest applied.

THAN

word, yo!

[sosoe]

THAN

word, yo!

High fucken five! !

[fredfarmer]

Thanks folks!!

So close, but yet so far!