🎖️ Veteran-Owned Business
🔒 NMLS #2133626
Licensed in UT · ID · FL · CO
Mortgage Tools
Mortgage Payoff Calculator
Why is your payoff quote higher than your last statement balance? This tool shows you exactly why — down to the dollar per day.
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Original Loan Details
From your original closing documents
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This is the date of your very first mortgage payment — typically the 1st of the month, 2 months after you closed.
Payoff Date
The date funds would be received
Payoff quotes are usually valid for 30 days. Lenders calculate interest through the date funds are actually received — not the day you request the quote.
Statement Balance Check
Optional — verify your last statement
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Use the "Statement Date" or "Billing Date" printed on the statement — not the due date.
Estimated Payoff Amount
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Good through —
Why Your Payoff Is Higher Than Your Balance
Balance After Last Payment
$—
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Accrued Interest
— days × $—/day
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Payoff Amount
$—
Interest Accrues Every Single Day
$—
added to your balance every day until payoff funds are received. This is why your payoff quote has an expiration date — the longer it takes to close, the higher it gets.
Balance After Last Payment
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Daily Interest
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Monthly Interest
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Payments Made
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Principal Paid
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Interest Paid
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Amortization — Around Today
Payment
Payment
Principal
Interest
Balance
Why Does This Always Happen?
Mortgage interest is paid in arrears. Your March payment covers February's interest. So on April 1st, you haven't yet paid for a single day of April — and interest has been building since your last payment.
Interest accrues daily, but you only pay monthly. The "per diem" is the daily interest charge. Every day that passes between your last payment date and payoff date adds that amount to what you owe.
Your statement shows the balance on the statement date. By the time you're actually paying off the loan — whether refinancing or selling — weeks or months have passed. All of that daily interest has stacked up.
Closing at the end of the month costs less. Because interest runs from your last payment date to closing, closing on the 28th means only 28 days of per diem. Closing on the 5th means a full month's worth has to be prepaid.
Ready to Talk Through Your Payoff?
Whether you're refinancing or selling, a Quazel Loan Officer can review your actual payoff statement and walk you through every line.
Why Is My Payoff Always Higher?
Mortgage interest is paid in arrears. Your March payment covers February's interest. So on April 1st, you haven't yet paid for a single day of April — and interest has been building since your last payment.
Interest accrues daily. The "per diem" is the dollar amount your balance grows every single day. Enter your loan details to see your exact daily interest charge.
Closing at the end of the month saves money. Because interest runs from your last payment to closing, closing on the 28th means only 28 days of per diem vs. a full month.
Results are estimates based on a standard fixed-rate amortization schedule with no extra principal payments. Actual payoff amounts may differ due to escrow balances, fees, prepayment credits, or servicer-specific calculations. Always request an official payoff statement from your loan servicer. Quazel Mortgage · NMLS #2133626 · Licensed in UT, ID, FL, CO.