servicerguide

Payoff

How do I get a payoff statement from my mortgage servicer?

The short answer: you have the right to a payoff statement — the exact amount needed to satisfy your loan through a specific date. Servicers generally must provide it within about a week of your request. The trick: ask for a payoff date a few days past your closing, because interest accrues daily and a statement that's short by one day of interest can derail a closing.

What a payoff statement contains

It's not just your balance. A payoff statement includes the principal balance, accrued interest through the payoff date, any fees, and a per-diem interest amount — the daily interest that accrues until the money actually arrives. That per-diem is why the exact date matters.

How to request one

  1. Request it in writing (or through the servicer's online portal if they offer it) and specify the payoff date — pick a date several days after your expected closing or wire date.
  2. Confirm how to pay. Ask for wire instructions and whether they require certified funds. A personal check for a payoff is a classic way to add two weeks of delay.
  3. Expect it within about a week. Federal rules generally require servicers to provide payoff statements promptly — around seven business days is the norm. If it doesn't arrive, follow up in writing and document the delay.

The timing traps

  • Statements expire. A payoff quote is only good through its stated date. Miss the date and you need a new one — with more accrued interest.
  • Weekends and holidays count. Interest accrues on calendar days, not business days. A Friday payoff date means weekend interest too.
  • Overpay slightly on purpose. Many borrowers add a small cushion (a few days of per-diem) so a minor delay doesn't void the payoff. The servicer refunds any overage.
  • Get the lien release. After payoff, the servicer should record a release of the mortgage/deed of trust with your county. Follow up until you can see it in the county records — an unreleased lien haunts future sales.
Escrow surplus comes back to you After payoff, any money left in your escrow account is yours. Servicers generally must refund the surplus within about 30 days. If the check doesn't arrive, that's a follow-up item — and a notice of error if they stall →

Related guides

Informational only — not legal or financial advice.

Mortgage rules vary by loan type, servicer, and state. Check your own loan documents and official federal resources, or talk to a licensed professional, before acting.