Checking Your Mortgage Balance: A Step-By-Step Guide

There are several ways to check your mortgage balance. One way is to use an online mortgage balance calculator, which will estimate your remaining mortgage balance based on the number of payments you have made or have remaining. You can also check your balance by accessing your mortgage dashboard online, which will give you an overview of your mortgage, including your escrow balance and an amortization schedule. Additionally, you should receive a monthly mortgage statement from your lender or servicer, which will include details such as your loan balance, payment schedule, interest rate, and a breakdown of your current and past payments.

Using a mortgage balance calculator

There are several online mortgage balance calculators available, and they generally require the same input information. To use a mortgage balance calculator, you will need to enter the original mortgage principal, which is the original sum of money lent. You will also need to know the annual interest rate, the term in years, and the monthly payment amount. With this information, the calculator can determine the remaining balance. It is important to note that these calculators are typically designed for fixed-rate mortgages and may not be accurate for adjustable-rate mortgages or other types of variable mortgages.

Some calculators may also allow you to enter additional information, such as extra payments or future payment dates, to get a more detailed understanding of your mortgage balance over time. This can be useful if you are considering making irregular or extra payments. Additionally, some institutions, like Wells Fargo, provide digital dashboards that allow you to manage your mortgage account and explore different payoff scenarios using a customized calculator.

It is worth mentioning that the mortgage balance calculated may not always align with the payoff amount. The payoff amount tends to be higher due to additional fees required by the lender to close out the mortgage. Therefore, if you are specifically interested in paying off your mortgage, it is important to consider these additional costs.

While using a mortgage balance calculator is convenient, there are other ways to find your mortgage balance. Mortgage companies typically send out annual statements that include the mortgage balance, number of payments made, and interest charged. You can also contact your mortgage company directly to request your current mortgage balance.

Through a digital banking service

Checking your mortgage balance through a digital banking service is a straightforward process. The exact steps depend on your bank and whether you have an existing bank account with them.

If you bank with Metro Bank, you can check your mortgage balance online or through the mobile app. To do this, you will need to register for Online Banking and set up your security details. Once registered, you can log in to the Metro Bank app and go to the More menu to access Settings and select My Details. Your ID should be located under your name.

For NatWest customers, you can use the 'Manage Your Mortgage' feature in the NatWest app or Online Banking to check your mortgage balance. If you have other accounts with NatWest, you will be able to see them all in one place.

The Co-operative Bank also allows customers to view their mortgage balance online or through their mobile app. If you have a Current account with them, you will be able to see both accounts within Online Banking or the Mobile App.

U.S. Bank offers similar services, allowing customers to view their loan balance and payment history through online banking or the U.S. Bank Mobile App. To view your mortgage balance, you can select your mortgage account from the dashboard.

In summary, checking your mortgage balance through a digital banking service is a convenient option offered by many banks. The process typically involves registering for online banking, downloading the mobile app, and logging in to access your mortgage account details.

Monthly mortgage statements

Mortgage lenders are required by law to provide you with a mortgage statement for each billing cycle during the life of your loan. You can receive these statements by mail or electronically, and they are usually issued once a month. They will include a breakdown of your payment history, including the current balance owed, interest charges, interest rate changes (if you have an adjustable-rate mortgage), and a transaction breakdown.

Your monthly mortgage statement will also include information such as your account or loan number, which is tied to your name and the home financed by the loan. This number is important to have on hand if you need to contact your loan servicer with any questions or concerns. Additionally, your statement will detail the monthly payment, the portion going towards the principal, interest, taxes, and insurance.

It's important to note that if you don't make your mortgage payment by the due date, you may be charged a late fee. Most lenders allow a grace period of around two weeks before imposing a late fee, but it's always best to make your payment on time to avoid any additional charges.

Annual escrow account statement

An annual escrow account statement is a review of your escrow account to ensure that there are enough funds to cover upcoming insurance premium and/or property tax payments. It is typically carried out by your lender once a year, and the statement is sent to you by mail or uploaded to your online account.

The statement will include your current monthly mortgage payment, including the amount that goes towards the escrow account. It will also detail the monthly payments you made in the past year, and the portion that went into your escrow account. The total amount paid into the escrow account in the past year will be included, as well as the balance on the account at the end of the analysed period, including how much was paid towards taxes and insurance.

Your escrow balance is the total amount currently in your escrow account that is held for payments your lender will make on your behalf. This balance reflects payments you have made into your escrow account minus any deductions made from your escrow account. The annual escrow statement will also list your insurance, property taxes, and the due date of each of those items, plus the projected disbursement of how much your lender expects to pay when each of those items is due.

If you have a shortage in your account, you will need to pay the amount owed. If you have a surplus, you will be refunded.

Contacting your mortgage servicer

If you have an existing online banking account with your mortgage servicer, you can view your mortgage balance by logging in and clicking on your mortgage account. Many mortgage servicers also have mobile apps that allow you to view your mortgage balance. If you do not have access to online banking, registration is typically a quick and simple process.

It is important to note that your mortgage servicer may not be the owner of your loan. Many mortgage loans are sold, and the owner of your loan is required to send you a notice if it is transferred to a new owner. If you are unsure who owns your mortgage, you can contact your mortgage servicer to request this information, and they are obligated to provide it to you.

If you are having difficulty paying your mortgage, your mortgage servicer should be your first point of contact for assistance. You can discuss relief options and explore ways to manage your payments.

Frequently asked questions