I recently asked my mortgage company for a payoff balance. The payoff balance they gave me is the same as the balance on my mortgage. Shouldn't they subtract the remaining interest on my payoff balance if I pay it off early ?
Answer
Hard to understand your questions. The principal balance is the payoff balance on your mortgage. You don't get to subtract the yet unearned or unincurred interest. If they are including the future interest in the payoff, is there a prepayment penalty of some sort that is being assessed. I suggest you discuss it with the bank.
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