Does it insinuate being completely paid? Or is it a lower amount that must be paid at a certain time? Im either confused or someone is trying to fuck me over.
In: Economics
I guess it could depend on the type of loan (if it’s some weird home loan). There maybe some out there where you have to payoff a certain amount by a certain date, but I believe in general, a loan payoff is the total amount left on a loan.
I sold a house recently and we had to get the loan payoff amount from our mortgage company in order for to know exactly how much money from the sale was going to the pay off loan, and we received the remainder.
Sometimes you will see a “10-day” or “15-day” payoff. This means that 10 days from now, the amount to payoff is x. The 15 day amount will usually be a little higher than x due to the additional interest.
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