Can you tell me what my payoff amount would be on my mortgage of $278,000 with an interest rate of 3%?

To calculate the payoff amount of your mortgage, we'd need to consider several factors, including the duration of the mortgage (terms) and how many payments you have already made. The payoff amount typically includes the remaining principal balance, any accrued interest, and possibly other fees if applicable. Here's a simplified way to estimate your remaining balance: 1. **Original Loan Amount**: $278,000 2. **Interest Rate**: 3% annually 3. **Loan Term**: (common terms are 15 or 30 years; I'll assume 30 years for this example) ### Formula for Monthly Payment You can calculate the monthly payment using the formula for a fixed-rate mortgage: \[ M = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1} \] Where: - \(M\) is the monthly payment - \(P\) is the loan principal (amount borrowed) - \(r\) is the monthly interest rate (annual rate / 12) - \(n\) is the number of payments (loan term in months) ### Calculation Steps 1. **Calculate Monthly Interest Rate**: \[ r = \frac{3\%}{100} / 12 = 0.0025 \] 2. **Calculate Total Number of Payments**: \[ n = 30 \times 12 = 360 \] 3. **Calculate Monthly Payment**: \[ M = 278,000 \times \frac{0.0025(1 + 0.0025)^{360}}{(1 + 0.0025)^{360} - 1} \] This will yield a monthly mortgage payment of approximately $1,173.72. ### Remaining Balance To calculate the remaining balance after a certain number of payments, you can use the remaining balance formula: \[ B = P \times \frac{(1 + r)^n - (1 + r)^p}{(1 + r)^n - 1} \] Where: - \(B\) is the remaining balance - \(p\) is the number of payments made ### Example Payoff Calculation If you provide how many monthly payments have been made, I can help calculate the exact remaining payoff amount. However, if you're near the end of the loan period, it's wise to contact your lender for the exact payoff amount, as they can provide you with the most accurate figure considering fees or other specific circumstances in your loan agreement.