Principal Balance vs. Payoff Amount

[Bob B.]

Our current principal balance on our mortgage is $105,699.98.
Our April 15th payoff amount is $106,503.89.

Why the difference? It seems like more than just accumulated interest.

[cschin4]

Call them and ask them. To get a payoff, you usually have to have a specific date and that includes interest. On a 100K loan over 30 yrs, that may indeed be the interest over the next month or so.

[jpg7n16]

Do you have a 4.55% interest rate on your mortgage? If so, then that's just including the interest from March and April (2 months)

A $105,699.98 balance at March, having made no payments, over 2 months @ 4.55% = $803.91/interest