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Understand the number. See the calculation.
A simple-interest payoff estimator with the assumptions in plain view. Enter your own figures to explore the arithmetic.
Interest uses the unrounded daily amount, then rounds the period total to cents. No compounding, balance changes, reserve adjustments, or automatic penalties are included.
This is a planning estimate, not a payoff statement or demand. Obtain the lender-issued payoff for settlement.
The calculation behind the estimate
Daily interest = principal × annual rate ÷ day-count denominator. Period interest = the unrounded daily amount × entered accrual days. The estimate adds principal, period interest, and entered charges, then subtracts entered credits.
At $250,000, 12%, and 15 days on Actual/365, period interest rounds to $1,232.88. With no additional charges or credits, the estimate is $251,232.88.
This tool assumes a constant principal balance and rate. It does not determine date inclusivity, contractual default interest, amortization, existing accrued amounts, payoff penalties, escrow, or reserve treatment. Your executed documents and the lender’s record govern the actual payoff.
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