How to use this calculator
- Choose Enter current balance or Calculate from loan details.
- Enter the APR and select the interest basis your lender uses.
- Provide the last payment date and your payoff dates.
- Add late charges, escrow advances, other fees, penalties, or credits.
- Click Calculate Payoff Statement, then export CSV or PDF.
Formula used
- Daily rate = (APR ÷ 100) ÷ Interest Basis.
- Per diem = Principal Balance × Daily rate.
- Accrued interest = Per diem × Days since last payment.
- Payoff (as-of) = Principal + Accrued Interest + Fees + Penalties − Credits.
- Payoff (good-through) = Payoff (as-of) + Per diem × Extra days.
Example data table
| Field | Example value | Resulting output |
|---|---|---|
| Current principal balance | $180,000.00 |
Days accrued: 26
Per diem: $32.05
Accrued interest: $833.42
Payoff (as-of): $181,038.42
Payoff (good-through): $181,358.97
|
| APR | 6.50% | |
| Last payment date | 2026-01-15 | |
| Statement as-of date | 2026-02-10 | |
| Good-through date | 2026-02-20 | |
| Fees (late + escrow + other) | $205.00 |
Payoff statement structure
A payoff statement is a dated snapshot of what clears a loan. This calculator separates unpaid principal, accrued interest, and itemized adjustments. For example, a $180,000 principal with $833.42 interest produces $180,833.42 before fees. Adding $205.00 in charges yields $181,038.42 as the as‑of payoff. The line items match common lender layouts, making reconciliation faster for borrowers and escrow teams. Export the table to CSV for closing files and audits.
Daily interest and per diem
Most payoff quotes use daily simple interest between posting dates. The per diem equals principal × (APR ÷ 100) ÷ basis. At 6.50% on a 365 basis, $180,000 accrues about $32.05 per day. On a 360 basis, the per diem rises to about $32.50, which changes totals quickly. Enter the lender’s convention to avoid a mismatch when funds are wired.
Good-through window planning
Good-through dates protect against mail or processing delays. The calculator projects additional interest from the statement date to the good-through date using the same per diem. With a $32.05 per diem, a 10‑day window adds about $320.50. If your closing is scheduled for a specific day, set good-through one to three business days later to reduce re-quoting risk.
Fees, credits, and penalties
Payoff totals can include late charges, escrow advances, recording fees, or prepayment penalties. If late charges are $35 and escrow advances are $120, the payoff increases by $155 immediately. Credits reduce the amount due; a $250 credit lowers the payoff by $250. Use the adjustments section to model “what-if” scenarios before requesting an official statement.
Using estimates to reconcile lender quotes
After calculating, compare your totals to the lender’s payoff quote. Differences usually come from last payment posting date, basis choice, or new fees added after the as‑of date. If the lender includes an escrow refund, treat it as a credit. Keep the per diem visible, then confirm wire instructions and cutoff times before sending funds.
FAQs
What is a payoff statement?
It summarizes the amount needed to fully satisfy a loan on a specific date, including principal, accrued interest, and any applicable fees or credits. Lenders often provide a per diem so the payoff can be extended to a good-through date.
Why are there two dates, as-of and good-through?
The as-of date sets the payoff total on that day. The good-through date adds extra daily interest to cover processing or delivery delays, reducing the chance you must request a revised payoff quote at closing.
What does per diem interest mean?
Per diem is the daily interest cost on the unpaid principal. It is calculated from the APR and interest basis, then used to estimate how the payoff total increases each day after the statement date.
Should I use a 360 or 365 interest basis?
Use whatever your lender applies. Many consumer loans use 365, while some notes and servicing systems use 360. Because the basis changes the per diem, using the wrong basis can create noticeable payoff differences.
Can this replace an official lender payoff quote?
No. It produces a transparent estimate for planning and reconciliation. Official payoff statements may include investor rules, cutoff times, wire fees, escrow refunds, and posting details that are not available until the lender issues the quote.
How do fees, penalties, and credits affect the payoff?
Fees and penalties increase the payoff dollar-for-dollar. Credits reduce it dollar-for-dollar. Enter each item as a positive number, and the calculator will add charges and subtract credits in the final totals.