What is Payoff?
Payoff The complete repayment of an outstanding loan balance, including principal, interest, and any accrued charges, thereby closing the loan obligation as per contract.
Source: CFA Institute, IFRS Foundation, FASB (GAAP), Basel III Framework
How is “Payoff” Used in Practice?
The borrower requested a payoff statement to close the mortgage loan and transfer the property title.
Certification Exam Relevance
Who Needs to Know This Term?
- Financial Analysts
- Bankers
- Traders
Learn “Payoff” Free with Termify
Master Payoff and 4,071+ professional terms with native pronunciation, IPA transcriptions and career quizzes. 100% free, forever.
Download Free for iOSFrequently Asked Questions
What is Payoff?
The complete repayment of an outstanding loan balance, including principal, interest, and any accrued charges, thereby closing the loan obligation as per contract.
Where can I learn this term for free?
Termify is a 100% free professional English app that teaches Payoff and 4,071+ other industry terms with native pronunciation, IPA transcriptions and career quizzes. Available on iOS in 23 languages. No subscription, no credit card required.
Last updated: