Here's my story:
I got a small loan through my local bank a couple of years ago. It was only for $3000/36 months and the interest is a bit high. I'm not sure the exact interest number but my payments are $109.55 a month. The interest is high because this was my first ever financial move. I'm almost through with college and have a small sum of money coming in so I would like to pay off my loan. I have 9 payments left, and when I add it all up, that's $985.95 to pay it off. However, my online account says "PAYOFF AMOUNT Hawaii OF 10-06-08 1,032.59". Where is this amount coming from? I've paid on time every month, have never skipped a payment and have never even had problems with the loan. I'm just confused because I never knew of any fees or closing costs. I plan on calling tomorrow and get a straight answer but I would like to get some advice ahead of time. Thanks!
Interest is being charged on a per-day basis.
If you want to make a lump payment to completely repay the loan, it's recommended you call the bank and get a payoff amount. This is usually calculated to a specific day about a week in advance. If the payment is received before the date that is used, you will be refunded the overpayment.
For example, they give you a payoff date of 10/15, but your check arrives on 10/12, so you will have overpaid 3 days worth of interest - which will be mailed back to you along with a letter stating you have repaid the loan in full. Be sure you keep this letter, just in case there's a question about the loan later on.
The amount remaining is the balance plus current interest. You say the bank is local. The best way to pay off the loan is to go to the bank and tell them you want to pay it off and get a final figure. Don't forget to get a receipt showing the zero balance and that the loan is completely repaid.
It is the balance of your loan plus the interest you owe up to that date. It sounds like you are charged an interest per day. You need to know home much you are charged per day, and then figure out how many days since your last payment ,and that will equal the difference. You can not just add what you pay each much and multply it to get what is owed, wont work
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