For property managers

Owner payoff calculator

When a unit sells, estimate its payoff on the association’s loan, timed to the lender’s next reamortization date.

Principal balance at the next reamortization date

From the lender’s amortization schedule.

Association’s monthly loan payment

Principal and interest, from the same schedule.

Month the sale closes

Has the unit paid its loan assessment for the closing month?

Reamortization months

Banks usually allow two free reamortizations a year (sometimes called a recast).

How shares are split

Set by your governing documents; it varies by community.

Number of units

Units already paid off

Not counting the selling unit.

Principal balance today (optional)

Shows how much of the payoff is interest.

Enter the balance at the next reamortization date, the monthly payment and the units to see the payoff.

Estimate only. The lender’s payoff letter is the official figure. Check your governing documents and state rules.

How payoffs usually work

Shares are split equally per unit or by percentage ownership. It varies by community, so check your governing documents.
A payoff is based on the remaining principal only, and there are no partial payoffs.
Banks usually allow two free reamortizations a year. Setting payoffs to the next reamortization date, for example January or June, keeps the balance in step when the loan is reamortized.
Property managers usually request the official payoff figure from the lender.

We’ll tell you what’s realistic for your association, at no charge and no obligation.