Part of Payoff amount versus balance
According to the CFPB, your payoff amount is how much you will have to pay to satisfy the terms of the loan and completely pay off the debt. It includes interest due through the day you intend to pay off, and it may include other fees you have been charged and not yet paid.
The federal deadline
For a loan secured by your dwelling, the creditor, assignee or servicer must give an accurate statement of the total outstanding balance needed to pay the loan in full as of a specified date. It must be sent within a reasonable time, and no later than seven business days after a written request.
Ask in writing
The deadline runs from a written request from you or someone acting for you. Keep a copy and note the date.
Pick the date
Interest runs up to the payoff day, so the statement is good for a specific date. If the payoff slips, the amount changes.
Compare with the calculator
The calculator works from the balance. The payoff statement adds the daily interest and any fees, so the two figures are not meant to match exactly.