Mortgage Payoff Amount


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Mortgage Payoff Amount


 

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How do I reduce my mortgage payoff amount by paying early and by how much?
early pay-off schedule

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Why is my mortgage payoff amount more than what I purchased the house for?
We are trying to sell our home. We have lived here for a little over 2 years. When I contacted our mortgage company to get our payoff amount, they told me $194,000. We purchased it for $190,000. Why would it be more?

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Why is my mortgage payoff amount more than what I purchased the house for?
We are trying to sell our home. We have lived here for a little over 2 years. When I contacted our mortgage company to get our payoff amount, they told me $194,000. We purchased it for $190,000. Why would it be more? The prepayment penalty only applies if we refinance, but not if we sell. We did escrow in taxes and insurance...is that what you mean? The taxes are I believe $2800 a year, but they were just paid. Our insurance is $630 a year and was just paid in November. We bought the house for $200,000, we financed $190,000. We paid all closing costs ourselves and did not finance them in. I do not believe the loan was a negative amortization loan, but it a lot went towards interest the first 3 years. The balance did not grow, though.

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