I need to know how to calculate what my total payment would be if I wanted to pay off my mortgage right now. How do I go about doing that?How do I calculate a payoff statment for my mortgage?
For a rough figure take your current balance and add a month and a half of interest. That should give you a rough estimate. Mortgage interest runs 30 days behind when you receive a payoff from a mortgae then you have to add teh remaining days from the beginning of the month to when y ou close.
The easiest thing to do is to call your loan servicer.How do I calculate a payoff statment for my mortgage?
Many mortgage companies have miscellaneous fees added onto their payoffs that would be next to impossible to figure out on your own, along with per diem interest that is added to their payoff figures for each day of interest from the date of your last payment up until the day the loan is paid off.
Contact your current mortgage company and request a payoff from them. It can normall be done on the same day, but can take as long as 3-5 days. You can have it faxed to you, generally for a fax fee or you can have it mailed to you, generally for free. Make sure you request the payoff date through the day you intend to pay it off on. Best of luck.
Call the mortgage company and ask them what your payoff balance is and have them fax over a statement to you which shows the timeframe that the payoff balance is valid; often times it's 1-2 weeks. Good luck.
Open a spreadsheet.
Column 1 will be the principal balance. Column 2 is the interest payment, set equal to the interest on the loan muiltiplied by the principal, divided by 12 (to make it a monthly amount).
Column 3 is the payment amount (you can use a constant if the mortgage is not adjustable).
Column 4 is the principal payment, equal to column 3 minus column 2.
In the next row, set column 1 equal to column 1 in the previous row, minus the principal payment.
Copy the formula out through row # 360 if it's a 30-year loan.
Voila. Instant amortization schedule.
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