The "payoff amount" refers to the total sum of money needed to completely settle and pay off a debt or loan. It includes the initial amount borrowed, along with any interest or fees that have accrued over time. Full definition
The hardest part of their application process was getting loan payoff amounts from my other lenders. (financialsamurai.com)
No more than the lesser of $ 250,000 or total payoff amounts verified by existing holders of qualified loans. (investedindiana.org)
Many homeowners fail to understand that the mortgage payoff amount is usually higher than the balance owed, due to those pesky interest charges and / or additional fees. (pennymacusa.com)