In this second scenario, the borrower has made all their previous payments for January, February, March and April 2021. They want a payoff commencing on May 15 2021.
(We are assuming that the April 2021 payment has already cleared or was certified).
Click on the Record Payments worksheet.
In our example image below, you will see that all the payments are up-to-date and entered.
The payment for the previous month has been entered and confirmed cleared.
You do NOT need to accrue the payment for May 1 2021 as this is collected at Payoff. However, if you have received a payment for May 1 2021 then you would enter it.
To create your Payoff, click on the Payoff worksheet.
In our example, the date we want the Payoff to start is May 15 2021.
We entered 5/15/21 in Cell G2.
The lower section of your Payoff Statement will now look like the example below:
In our example loan, the loan is interest only and there is a balloon of $125,000.00.
No extra payments have been made to principal, so the outstanding balance is still $125,000.00.
What do you do when you receive your Payoff?
Learn how to apply your Payoff and close off your loan.
Get in touch if you’re having problems, need something specific or have questions about our spreadsheet.
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