Home » Mortgage Loan » why is payoff amount higher than loan balance on interest only mortgage?why is payoff amount higher than loan balance on interest only mortgage? May 16, 2011 Mortgage Loan Deal Score0 2 comments 1 Related Posts:I Refinanced Streamlined my mortgage with NO COST.…use extra cash to payoff High APR Credit Card or new…use extra cash to payoff High APR Credit Card or new…use extra cash to payoff High APR Credit Card or new…In refinancing, should the payoff amount equal the…
That’s the ‘beauty’ of negative amortization!
interest since the last payment is calculated to the day of the payoff. there could also be a penalty fee for closing the loan before x number of years.