How to get a payoff quote
A payoff quote is the amount required to fully pay off your loan as of a specific date. It often differs from “current balance” due to interest timing and fees.
What to ask for
- Payoff amount and the payoff date (the date it’s valid for)
- Per-diem interest amount (how much it changes per day)
- Payoff instructions (where/ how the payoff must be sent)
Why payoff differs from balance
Interest accrues between payment dates. Some loans also include small fees or timing rules. That’s why payoff is usually the better number for refinance comparisons.