The payoff amount of your loan is the principal amount you owe, plus interest through a certain date. Your payoff amount is not necessarily the amount shown as the “balance due” on your billing statements for your loan. This balance due includes the principal amount, plus interest and other charges due through the entire term of the loan. If you pay off your loan before the term is scheduled to expire, you’ll pay less than the total balance shown on loan documents because your interest charges will be lower. If you plan on taking care of the loan early, your lender is the best source for accurate payoff information.

Step 1

Find your most recent loan statement. Statements are typically provided by your lender each month, either by regular mail or e-mail. The statement lists important information about your loan that you may need to make your payoff inquiry, such as your account number and contact information for the lender.

Step 2

Call your lender. If you are routed through an automated menu system, choose an option that allows you to discuss your account with a representative.

Step 3

Tell the representative you want a payoff amount for your loan. If you need the payoff loan for a date other than the date you make the call, ask the representative to calculate the payoff amount for an alternate date. Your payoff amount differs each day as interest accrues, so you’ll need to plan for the date you plan on paying off the loan. Many lenders can calculate a payoff amount several weeks out, but some may only be able to calculate the amount for the date you make the inquiry.