Can someone elaborate and give me an example? Thanks.|||Your current balance is the amount of principal on your debt/loan. The payoff balance is the amount you need to pay to clear your debt. This includes the principal and interest that has accrued, or will accrue on the debt that day.
For example, you may owe $5000 on your car loan principal and want to pay it off on June 30th. By that date, $39 in interest will accrue, so your payoff may be $5039.|||Payoff balance will included interest owed, current balance doesn't reflect interest ...
example .... current balance $1000.00
payoff balance may be $1010.00 to include interest|||http://caveatemptorblog.com/2007/06/14/c鈥?/a>
Good luck!!|||The payoff balance will be less because you will not accrue a bunch of interest by paying it off early. I believe.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment