Posted on: 28th Oct, 2008 04:24 pm
I have a 160,000 loan that stated in 1996 @ 7.75% with roughly 13 years left....If I pay it off today what would I need to pay, principal only or principal and interest?
Also, its a "note and mortgage" with the previous owner but it does include a prepay without penalty clause.....
Also, its a "note and mortgage" with the previous owner but it does include a prepay without penalty clause.....
you would pay the interest for the month, but not the remaining days after you pay off the loan.
Call your servicer (find that on your bill) normally there is an option to obtain a payoff quote. Most people make the payoff date 10 days out for a check if mailed, 5 days out if wired.
What a great feeling to pay off your loan... congrats!
Call your servicer (find that on your bill) normally there is an option to obtain a payoff quote. Most people make the payoff date 10 days out for a check if mailed, 5 days out if wired.
What a great feeling to pay off your loan... congrats!
Hi chrispalin!
I think you will have to pay the principal amount only. I think you have bought the property with the help of owner financing. You can have a talk with the previous owner then pay it off to him/her. Congratulations for paying off the loan!!!
Feel free to ask if you have further queries.
Sussane
I think you will have to pay the principal amount only. I think you have bought the property with the help of owner financing. You can have a talk with the previous owner then pay it off to him/her. Congratulations for paying off the loan!!!
Feel free to ask if you have further queries.
Sussane
You pay the interest up through your current month. Additional payment is applied to principal.
you have various answers here, chris. basically, you will be paying off the principal balance plus any interest that has been earned since the last time you made a payment. that's it, neat and simple.
