Mortgage  Question?
How Do You Determine How Much You Owe On Mortgage?

How do you determine how much money you owe on your mortgage, including past due amounts and late fees?

Harry Jensen
By , Trusted Mortgage Expert with 45+ Years of Experience
Edited by Michael Jensen

Simply put, the best way to determine how much you owe on your mortgage is to contact your lender or loan servicer and request a payoff demand statement, which is sometimes simply referred to as a payoff statement. This document outlines the payment required to satisfy all outstanding obligations under the terms of your mortgage.

In short, the payoff demand statement shows you the total amount of money you owe the lender to completely payoff your mortgage including your loan balance, current monthly payment, any past due interest, fees and penalties. If you pay the lender the amount listed on the payoff statement, the mortgage is released from your property and you own your home free and clear.

Please note that your current mortgage balance may be different and lower than your payoff amount which includes interest due through the payoff date as well as potential fees and penalties that may not be reflected in your loan balance.

While your lender typically produces a payoff demand statement when you refinance your mortgage or sell your home -- to show you how much you owe them -- you can request this document at any time over the course of your loan. All you need to do is contact your lender and provide some basic information, including the mortgage payoff date, so that the lender can correctly calculate the interest and total amount you owe.

If you have questions about the payoff statement including the amount you owe, I recommend that you request a mortgage payment history from your lender. This document shows the monthly breakdown of your mortgage payments including principal, interest and impounds, if applicable, as well as your monthly loan balance.

Additionally, the payment history should indicate if and when the lender added past due interest, fees and penalties to your mortgage balance and also show any extra payments you made. You can review this document to make sure that the lender has properly credited your account for any payments you made.

You can also use the loan payment history to verify your total outstanding mortgage balance as outlined on the payoff demand statement. If there are discrepancies between the two documents request an explanation from your lender and make sure that the total amount you owe the lender is accurate.


“What is a payoff amount? Is my payoff amount the same as my current balance?”  CFPB.  Consumer Financial Protection Bureau, September 25 2017.  Web.

Current Mortgage Rates in Ashburn, Virginia as of July 19, 2024
View All Lenders


Rate data provided by Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.
« Return to Q&A Home
About the author
Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR.  Harry is a licensed mortgage professional (NMLS #236752). More about Harry

Harry Jensen LinkedInLinkedIn | Email Harry JensenEmail