why is payoff amount higher than loan balance on interest only mortgage?

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2 Comments
  1. Reply
    Doctor J
    May 16, 2011 at 5:20 am

    That’s the ‘beauty’ of negative amortization!

  2. Reply
    bi1ly
    May 16, 2011 at 5:48 am

    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.

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