Question 1

What's the difference between a payoff quote and a reinstatement quote?

Accepted Answer

A payoff quote is the total to retire the entire loan — pay it off completely. A reinstatement quote is far smaller: just enough to bring a defaulted loan back to current so regular payments resume. Don't confuse the two when requesting a figure from a servicer.

Question 2

Why does the payoff amount depend on the date?

Accepted Answer

Interest accrues daily on the unpaid balance. The longer it takes for funds to actually reach the lender, the more interest has accumulated — a payoff quote is only accurate as of the date it names, which is why real payoff statements always carry a 'good through' date.

Question 3

What is per-diem interest?

Accepted Answer

The dollar amount of interest that accrues for one additional day. It's what a payoff figure grows by for every day past the quote date that the payment is delayed.

Question 4

Does this tool let me actually pay off a loan here?

Accepted Answer

No. This calculator only computes the amount — it never receives, holds, or routes money on anyone's behalf. Any actual payoff has to go through the loan's servicer directly.

Loan Payoff Quote Calculator