How long is a payoff quote valid?

Payoff quotes are valid until the stated good-through date, typically 10-30 days from when the quote was issued. If you miss the good-through date, you need a new quote since additional per-diem interest has accrued. Always build a 10-15 day buffer to account for closing delays.

Should I wire or write a check for mortgage payoff?

Wire transfer is strongly preferred for payoffs. Wires arrive same-day and stop per-diem accrual immediately. A certified check takes 2-5 business days to process and per-diem interest often continues accruing until the check clears, not when it arrives. The extra wire fee ($15-30) is worth the certainty.

Mortgage Payoff Statement Calculator

Q: How do I request a payoff statement from my lender?

You can request a payoff quote by phone, online portal, or written request. Federal law (RESPA) requires servicers to provide a payoff statement within 7 business days of a qualified written request. Always follow up a phone request with something in writing and specify your desired good-through date.

Calculate your exact mortgage payoff amount for any date — including per-diem interest since your last payment, recording fees, and wire costs. See payoff totals across five dates to optimize your timing.

Current Loan Balance

Interest Rate

Last Payment Date

Target Payoff Date

Total Payoff Amount

$288,422

Good through May 14, 2026

Per-Diem Interest

$44.90/day

Days Since Last Payment

74 days

Accrued Interest

$3,322.40

Escrow Refund (est.)

$2,400

Important: This is an estimate — your lender must provide an official payoff quote. Official quotes are valid for a specific good-through date and should be requested at least 5–7 business days before closing.

Advanced

Advanced Analysis

Payoff by date comparison, statement components, and escrow balance details

Every day you wait costs $44.90 in interest. Here is your payoff amount on five different dates — each calculated exactly from your last payment date.

Payoff Date	Date	Days	Accrued Interest	Total Payoff
Today	May 14, 2026	74	$3,322.40	$288,422.40
End of Week	May 17, 2026	77	$3,457.09	$288,557.09
End of Month	May 31, 2026	91	$4,085.65	$289,185.65
In 30 Days	Jun 13, 2026	104	$4,669.32	$289,769.32
In 60 Days	Jul 13, 2026	134	$6,016.23	$291,116.23

Cost of waiting 30 days: $1,346.92 in additional interest. Paying off at the start of the month (just after your last payment posts) minimizes per-diem charges.

Pro

Pro Analysis

Payoff quote process, reconveyance details, and tax implications

How to request a payoff quote from your servicer — and why getting it right matters for your closing.

Request in WritingDay 1

Call your servicer and confirm via email/portal. Federal law (RESPA) requires servicers to provide a payoff statement within 7 business days of a written request. Phone requests are not binding — always follow up in writing.

Specify the Good-Through DateDay 1–2

Request a good-through date 10–15 days after your expected closing. This gives a buffer for delays. For your payoff on May 14, request a good-through date of May 28, 2026.

Review for AccuracyDay 2–3

Verify the principal balance matches your statement, interest rate is correct, all per-diem figures are accurate, and there are no unexpected fees. Errors in payoff quotes are not uncommon — especially after a recent payment or escrow change.

Wire vs. CheckDay of payoff

Wire transfers are fastest but carry a fee ($15–30). Certified or cashier checks work but must arrive by the good-through date — mail transit time matters. Wire is always safer for time-sensitive closings.

Confirm ReceiptDay of payoff + 30 days

Follow up with your servicer to confirm the payoff was received and applied. Request a confirmation letter within 30 days. Lenders have 30 days after payoff to release the lien under federal law.

How to Use the Mortgage Payoff Statement Calculator

This calculator computes your exact payoff amount for a specific date — including per-diem interest accrued since your last payment. It is distinct from a payoff strategy calculator (extra payments to retire a loan early).

Quick Calculator

Enter your current loan balance, interest rate, last payment date, and target payoff date. The calculator computes the per-diem (daily interest), total accrued interest from your last payment to payoff, and the complete total payoff amount including recording fee and wire fee.

Advanced: Payoff by Date, Statement Components, Escrow

The Payoff by Date tab shows your exact payoff amount on five key dates — today, end of week, end of month, in 30 days, and in 60 days — so you can choose the optimal timing. Statement Components itemizes every line. The Escrow Balance tab explains what happens to your pre-paid tax and insurance reserve after payoff.

Pro: Request Process, Reconveyance, Tax Implications

The Payoff Quote Process tab walks through requesting an official statement from your servicer step-by-step. Reconveyance explains how the lien is released from your title after payoff and what documents to keep. Tax Implications covers the final-year interest deduction and escrow refund tax status.

How Per-Diem Interest Is Calculated

Daily Interest (Per-Diem) = Balance × (Annual Rate ÷ 365)

Example: $285,000 balance at 5.75%
Per-Diem = $285,000 × (0.0575 ÷ 365) = $44.95/day

Accrued Interest = Per-Diem × Days Since Last Payment
(15 days since last payment = $674.25 accrued)

Total Payoff = Principal Balance
              + Accrued Interest
              + Recording Fee
              + Wire Transfer Fee
              (+ any other lender fees)

Lenders calculate per-diem using a 365-day year (or sometimes 360-day — check your note). Interest accrues every day from your last payment until the day the payoff funds are received by the lender, not the day you send them.

Example: Payoff Statement on a $285,000 Balance

Balance: $285,000 | Rate: 5.75% | Last Payment: March 1 | Payoff: March 18

Principal Balance	$285,000.00
Per-Diem Interest	$44.95/day
Days Since Last Payment	17 days
Accrued Interest	$764.15
Recording Fee	$75.00
Wire Fee	$25.00
Total Payoff Amount	$285,864.15
Good-Through Date	March 18, 2026
Escrow Refund (est.)	$2,400 (20-30 business days after)

If closing is delayed to March 25, add 7 more days of per-diem: $314.65 more. Always request a payoff quote with a buffer date 10-15 days beyond your expected closing date.

Frequently Asked Questions

A monthly mortgage statement shows your payment due, balance, and escrow information for regular payment purposes. A payoff statement (also called a payoff quote or payoff letter) is a precise calculation of the exact amount required to satisfy the loan in full on a specific date — including accrued per-diem interest since your last payment, fees, and any other outstanding amounts. Payoff statements are legally binding for the stated good-through date.

Payoff quotes are valid until the stated good-through date, typically 10-30 days from when the quote was issued. If you miss the good-through date, the quote expires and you need a new one — since additional per-diem interest has accrued. Always build a 10-15 day buffer into your good-through date to account for closing delays, which are common.

You can request a payoff quote by phone, online portal (most servicers), or written request. Federal law (RESPA) requires servicers to provide a payoff statement within 7 business days of a qualified written request. Always follow up a phone request with something in writing. Specify your desired good-through date when requesting. There may be a small fee for multiple requests (first is typically free).

Wire transfer is strongly preferred for payoffs. Wires arrive same-day and the lender receives cleared funds immediately — stopping per-diem accrual the same day. A certified or cashier check works but takes 2-5 business days to process, and per-diem interest often continues accruing until the check clears, not when it arrives. For large payoffs, the extra wire fee ($15-30) is well worth the certainty.

Your escrow account is closed after payoff and the remaining balance is refunded to you — typically by mailed check within 20-30 business days. This refund is not taxable income. After payoff, you become responsible for paying property taxes and homeowner's insurance directly. Set up direct billing with both the county tax office and your insurance company before your payoff closes to avoid missing a due date.