Payoff Calculator
Select one loan in the main window and click Loan > Payoff Calculator on the main menu to open this window.
You can generate a payoff quote for any day using this window.
Date of Expected Payoff – enter the date when you expect the borrower’s final payment to arrive and be credited to the loan.
Click to set the expected payoff date to the last scheduled due date on the loan.
Earn interest on the day of closing – Unless your loan contract explicitly says you must calculate interest this way, do not check this box. Interest is earned at the end of each day. Check the box to add the day's interest before crediting the final payment and it will be added to the quote. If a loan originated one day and paid off the following day checking this box will charge the borrower two days of interest, even though the borrower had the benefit of the funds for closer to 24 hours than 48.
Waive future late fees – check the box to leave out any late fees that would be charged between now and the payoff date; the quote is recalculated without them.
Account Overall Balance – this is the balance of the loan’s ledger account on the date you selected – the date shown next to the balance is the date of the last transaction on the ledger account that’s on or before the selected payoff date.
Payments Not Included in Balance – this is the sum of any payments that are added to the loan after the date selected. Generally, this number should be zero. If a payment was recorded for a future date, it will be credited toward the amount needed to pay off the loan on the selected payoff date.
Per-Diem Interest – the daily interest that accrued since the last time interest was added to a loan.
Escrow Deficiency – if the escrow account has a negative balance, this amount is added to the payoff to ensure the escrow balance is zero when the loan is paid off.
Prepayment/Payoff Penalty – Any penalty that applies if a loan is paid off early will be added to the loan. (Note: penalties haven’t been implemented in Moneylender 3 as of 6/22/2018. There hasn’t been a strong need expressed by anyone yet...)
Added Closing Fees – if you will add a closing fee when the loan is closed, you can enter the amount of that fee here. The fee is not added to the loan at this point, but it is added to the payoff quote to ensure you collect the necessary fee at closing.
Total Payoff Amount – combining these amounts together produces the amount shown here.
– Opens the Print Template window, and all payoff type statements are listed in the templates to print drop-down at the top.
– Opens a window to enter a new payment, preset to the payoff amount, date and the payment type set to payoff. Saving the payment then opens the Loan Closing wizard.