Sample Payoff Letter With Per Diem
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FAQ
Per diem interest is the amount of interest paid daily on a loan. In the context of mortgages, it's used to account for the period after closing but before your first full month in the home. You pay per diem interest on the time between when you close and the first of the month.
Include all relevant information in the payoff letter, including: Include the name of the loan or mortgage holder. Include the loan or mortgage number. Include the payment amount. Include the date you plan to make the payment. Include your name and address. Include your contact information.
Per diem interest is the interest charged on a loan on a daily basis?most often on mortgages. Lenders calculate per diem interest to cover the period between the time a loan closes and the day before repayment officially begins.
The amount due in your 10-day payoff is the current loan amount from your old servicer?that includes the principal balance and interest accrued up until today?plus interest that accrues over the next 10 days. That amount could add up quickly, especially if your loan has a high interest rate.
The letter should include per diem accrual amounts for interest in the event that the payoff is delayed by one or more days thereafter. A per diem accrual will allow the borrower and new lender to re-calculate the interest component of the payoff amount as of the exact date when the new loan closes.