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How do I calculate Home payoff amount

J

jersiq

Senior member
I am loooking for "ballpark" figures here

I had purchased my home ~4 years ago, and due to family issues/job change I am having to sell my home.

I have logged into my mortgage service account, and I am able to see the principal remaining on the account. When I go to the payoff section, it says my mortgage payoff requires special handling.

I have some funds in my escrow for Homeowners Insurance and taxes, not sure of that implication, but it is a minor amoung compared to my asking price and my principal.

Would just subtracting my principal from my asking price give me the "ballpark" figure before realtor fees?
 
Can't you just call your lender and ask them what the balance remaining on the mortgage is? If you never made any extra payments (or you know what they were) you should be able to use one of those amortization tables.
 
A good ballpark is your remaining principal plus any accrued interest (worst case would be about one monthly payment). They will usually send you a check after payoff for your Escrow balance.
 
If you already know the current principal balance, the payoff amount on the mortgage is basically that amount plus your month-to-date interest due. Typically, they will take your monthly interest amount, divide it by 30 and add that daily interest amount to your principal for each day that month you have the loan.

I'd say 4 years into a 30 year loan, your monthly interest is probably around 75-80% of your monthly payment. Your online account info will probably show you the breakdown from your last payment.

Your escrow account is a little more complicated as it depends on when your hazard insurance and property tax payments are made from the account.
 
Originally posted by: nwfsnake
A good ballpark is your remaining principal plus any accrued interest (worst case would be about one monthly payment). They will usually send you a check after payoff for your Escrow balance.
Click to expand...

Unless you need to know to the penny, the above will be close enough.
 
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