Your payoff amount is the total amount have to pay in order to satisfy the terms of your mortgage loan and to completely pay off your mortgage.  Once your mortgage is paid off in full, the lender will record a Reconveyance deed with the County Recorder’s office where the property is located.

Your current balance may not reflect how much you actually have to pay to completely satisfy the terms of your mortgage loan. Your payoff amount also includes the payment of any accrued interest you currently owe – through the day you intend to pay off your loan. The payoff amount may also include other fees you have incurred and have not yet paid (such as late payment fees).

Note: Depending on the type of mortgage loan you have; if you’re paying off your loan early, you may have to pay a pre-payment penalty.