Mortgage loan payoff
The current principal balance on my loan is 13,293,63, however, in calculating the principal only portion from the bottom of my amortization schedule to my current payment the total is 3,476.27. Am I correct that if I pay the 3,476.27 that my loan will be paid in full? Will I need to pay the remaining escrow payments for taxes and insurance to the end of the year? FYI, my loan has no prepayment fees.
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The current principal balance on my loan is 13,293,63, however, in
calculating the principal only portion from the bottom of my
amortization schedule to my current payment the total is 3,476.27. Am
I correct that if I pay the 3,476.27 that my loan will be paid in
full? Will I need to pay the remaining escrow payments for taxes and
insurance to the end of the year? FYI, my loan has no prepayment fees.
You need to contact the lender to determine the exact mount it will take to payoff the loan. The balance goes up everyday between payments to account for interest. So the minimum amount will be the outstanding balance, and the maximum amount will be the outstanding balance plus a month of interest.
I am now going to address the last of your questions:
Will I need to pay the remaining escrow payments for taxes and
insurance to the end of the year?
If you pay off the entire balance of the loan then you will not need to continue to make your escrow payments to the mortgage company. They will return all funds in the escrow account to you. But you will still be responsible for making payments to the local government for taxes, and to your insurance company for your insurance. Because the loan is now paid off the lender does not care if you fail to pay your taxes, or decide to skip fire insurance. They are no longer a part of the process.
After you pay off the mortgage they will also be filing paperwork showing that the debt has been repaid.
If your current principal is 13000+, that's what you need to pay it off, plus interest between the last payment and payoff day.
The schedule was a plan, and it seems your mortgage is not on schedule anymore. It has no meaning in calculating the payoff.
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