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    boram's Avatar
    boram Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Aug 4, 2008, 06:22 PM
    Lump sum mortgage pay off
    If there are no penalties for paying off my mortgage in one lump sum payment, will I have to pay more or less of what I currently owe?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Aug 4, 2008, 06:35 PM
    Hello boram:

    You won't owe more or less. You'll owe exactly what your balance is the day you pay it off. If you have a book, it should tell you what your balance is. You can also do an amortization yourself to find out what the balance is, or you can call your bank.

    excon
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
    Expert
    		  
    #3

    Aug 4, 2008, 06:40 PM
    Nope. He'll owe a little bit more.

    https://www.askmehelpdesk.com/mortga...ml#post1193858
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