I see on my statement how much principal is left to be paid on my loan, but if I send in that amount, won't I be short the interest I've been charged since my statement? Should I just overpay and hope for a refund? Note--this is not an amortization table question.
2007-02-01 10:01:52 · 6 answers · asked by Rank Roo 4 in Business & Finance ➔ Personal Finance
Typically it is best to call the finance company to get an exact payoff. Your interest does accrue on a daily basis typically, so even if you sent an extra $50 say, you still could be short a few dollars. If you call for a pyoff, the amount is good for several days. Others, pay off the principle balance and wait for a finalized statement the following month.
Congrats!
2007-02-01 10:07:29 · answer #1 · answered by Jen 5 · 1⤊ 0⤋
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2016-09-26 16:50:14 · answer #2 · answered by Eloise 3 · 0⤊ 0⤋
I would check your statement to see if there is a line labeled "per-diem", this is the amount of interest your loan is accuring each day. If you know the day you want to pay it off for, count the number of days from the last day on your statement cycle. Multiply your per-diem by the number of days after your statement cycle, and add it to the final balance of your statement. If there that isn't disclosed on your statement then you should call the bank. If you plan on mailing in your pay-off ask for the pay off amount in ten days. This allows enough time for the payment to be mailed and processed. If you plan on going into the bank and paying it off, ask it for the date you know you are going to be in. If you overpay on the balance of the loan you should receive a check about the same time as the paperwork being marked as paid.
2007-02-01 10:45:36 · answer #3 · answered by cala 3 · 0⤊ 0⤋
Contact the bank who holds the loan and ask them for the payoff amount.
A lot of times the pay-off amount is on your statement, and it is labeled as such.
2007-02-01 10:14:18 · answer #4 · answered by Jen G 5 · 0⤊ 0⤋
Call the loan institution and ask for the pay-off value of the loan. Then go over and write them a check.
2007-02-01 10:05:31 · answer #5 · answered by Michael 2 · 2⤊ 0⤋
if you pay it off early you will not have used the intrest.if you pay off the entire amount you will get the intrest back
2007-02-01 10:11:58 · answer #6 · answered by Anonymous · 0⤊ 1⤋