# 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.

• Are those payments for the full amortization period or for the term of your loan with your bank ? Commented Jul 30, 2017 at 16:52
• The ammortization schedule was for the entire term of my loan, (30 year mortgage). The principle balance of 13,293.63 is what is listed on my most recent monthly statement which includes taxes and insurance. The principle payment portion that I calculated is for the time period of August 2016 to November 2026. Commented Jul 30, 2017 at 17:11
• What is the mortgage principal only? No tax, no insurance. Commented Jul 30, 2017 at 18:30
• To get an accurate mortgage loan payoff amount, contact the loan issuer. From the partial information you have provided, it will probably be about \$13.4k, but only the bank which issued the loan can tell you the exact amount that they will accept as full payment by a given date. Commented Jul 30, 2017 at 18:49

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.

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.