TL;DR
Setting up your existing mortgage in PayOff Pro requires 8 fields from your loan documents. Accurate entry unlocks precise tracking, reveals interest already saved, and shows your exact debt-free date. Follow this guide to enter each field correctly.
Why Accurate Setup Matters
When you enter your mortgage correctly, PayOff Pro reconstructs your payment history, detects extra payments automatically, and shows the impact of every dollar. In 3 minutes, you'll see your complete mortgage journey from first payment to freedom.
Watch the Tutorial
Follow along with this 4-minute tutorial as we walk through each field.
What You'll Need
Before starting, gather these 8 pieces of information from your mortgage statement or closing documents:
- Original Loan Amount – What you borrowed at closing
- Current Balance – Balance AFTER your most recent payment
- Monthly Payment – Principal and interest only (exclude escrow)
- Principal Portion – From your current month's statement
- Interest Portion – From your current month's statement
- Interest Rate – Your note rate (not APR)
- Loan Term – Original term in years (15, 30, or custom)
- Start Date – Month and year your mortgage began
Can't find this information? Call your lender—they can provide all these details in minutes.
Understanding the 8 Required Fields
Current Balance Section
Original Loan Amount: The full amount you borrowed at closing. Find this on your closing documents or first statement.
Current Balance: Critical—enter the balance AFTER your most recent payment, not the "amount due." Use the "principal balance" field. This positions you correctly in your payment timeline.
Payment Details Section
Monthly Payment: Principal and interest only. Exclude escrow. Look for "P&I" on your statement.
Principal Portion: The principal from your most recent payment. This pinpoints your position in the amortization schedule and detects if you're ahead from extra payments.
Interest Portion: The interest from your most recent payment. PayOffPro validates that principal plus interest equals your monthly payment for accurate positioning.
This validation is critical: If your balance is lower than expected, PayOffPro calculates exactly how much time and interest you've already saved.
Loan Terms Section
Interest Rate: Your fixed note rate from loan documents, not APR. Example: 5.625%.
Loan Term: Your original term (15, 30, or custom)—not the remaining time.
Start Date: Month and year your mortgage began. This reconstructs your payment history.
Common Mistakes to Avoid
- Using "Amount Due": Enter "Current Balance" after your last payment, not the amount due for your next payment.
- Including escrow: Only enter P&I. Exclude taxes and insurance.
- Entering APR: Use your note rate, not APR.
- Using remaining time: Enter original term (30 years), not time left (23 years).
Your Mortgage Is Now Tracked
Once you tap "Continue," your dashboard shows your exact payoff date, total interest, savings from extra payments, and the impact of future payments. Every calculation depends on accurate setup.
Ready to See Your Mortgage Freedom Date?
PayOff Pro transforms your mortgage into a concrete, conquerable goal. Download today:
- ✓ See your exact payoff date
- ✓ Track interest already saved
- ✓ Model every extra payment's impact
Download PayOff Pro on the App Store
Privacy First: Your data stays on your device. No external servers.
Disclaimer: Calculations are estimates for illustration purposes and may not reflect your exact loan terms. Consult your lender for precise figures. This content is educational and not financial advice. PayOff Pro helps you track your mortgage; always verify important financial decisions with your lending institution before taking action.