I have a 30 year mortgage, with an interest rate of 2.79. My balance is $278000. I'm current on my monthly payments of $1700. Can you give me an idea, of my payoff amount if I decide to payoff next month?

To calculate the payoff amount for your mortgage, you'd typically include the remaining balance plus any interest accrued up to the time of payoff. Since you mentioned that your current balance is $278,000 and your monthly payment is $1,700, I’ll assume you are looking for an estimate on what the payoff amount would be if you decided to pay off the mortgage next month. Here’s how you can generally calculate the payoff amount: 1. **Interest Calculation**: Since your mortgage is being paid monthly, you'll need to calculate how much interest will accrue in the next month. First, determine your monthly interest rate by dividing your annual interest rate by 12. - Monthly interest rate = 2.79% / 100 / 12 ≈ 0.002325 2. **Interest for the Next Month**: Multiply your current balance by the monthly interest rate. - Interest for next month = $278,000 × 0.002325 ≈ $647.25 3. **Total Payoff Amount**: Add the interest for the next month to your current balance. - Total payoff amount ≈ $278,000 + $647.25 ≈ $278,647.25 Therefore, if you pay off your mortgage next month, your estimated payoff amount would be approximately **$278,647.25**. Keep in mind that it’s advisable to contact your mortgage lender for the exact payoff amount, as they can provide any additional fees or penalties that may apply.